CLEVELAND, Jan. 30, 2024 /PRNewswire/ -- Electronic Merchant Systems (EMS), a leading payment technology provider, announced the acquisition of Los Angeles-based PaymentCloud. For EMS, this deal further strengthens its distribution channels. It marks a significant expansion of its technology stack, giving merchants more efficient onboarding and processing tools that can be utilized throughout the entire EMS ecosystem. This transaction provides PaymentCloud with continued investment to expand its sales channels while fully utilizing the EMS infrastructure. The deal solidifies the existing relationship between the two companies and sets EMS up to accelerate the expansion of its Inside Sales channels.
"We are very excited to have the PaymentCloud team join the EMS family," said Afshin Yazdian, President and CEO of EMS. "We share a mutual vision that a superior customer experience is a key driver for our companies and will be an important element of our continued success. This transaction will significantly drive our future growth."
Shawn Silver founded PaymentCloud from his garage in Los Angeles with a focus on utilizing technology to better advocate for small merchants and provide unparalleled levels of support. Along with co-founder Neal Hoffman, the company relied on its collective expertise in technology and marketing to quickly grow the business, landing on the Inc. 5000 list within a few years of its start. "This is an exciting and natural next step in our quest to become one of the leading payment solution providers," said Silver. "We can utilize the incredible EMS infrastructure with our powerhouse marketing team and focus on growing our merchant relationships. My team and I are excited about what our combined companies can achieve."
Jim Weiland, Chairman of EMS, noted, "We are now very well positioned to utilize the strength of the PaymentCloud marketing and sales channels to further scale both companies. PaymentCloud has been a longtime partner to EMS and Shawn has proven to be a visionary in this industry."
Yazdian also announced that Silver will become the Chief Revenue Officer of EMS and Hoffman will serve as Chief Marketing Officer. PaymentCloud will continue to operate from its offices in Los Angeles with plans to expand its footprint.
"It's been a thrilling ride taking a fintech start-up to an Inc. 5000 company," said Silver. "This acquisition represents a significant milestone for me and my entire team. We look forward to the success it will bring to both organizations."
FT Partners served as the exclusive strategic and financial advisor to EMS in this transaction.
About Electronic Merchant Systems
Headquartered in Cleveland, Ohio, Electronic Merchant Systems' mission is to be the industry-leading merchant services provider businesses depend on to help them achieve their financial goals. Over 25,000 retail, internet, and omnichannel customers nationwide rely on the firm's diverse suite of modern payment solutions.
About PaymentCloud
PaymentCloud, based in Encino, California, offers a transparent application process, hundreds of state-of-the-art integration options, and a dynamic group of payment professionals spanning a multitude of industry types. PaymentCloud works with over 80% of top digital ISOs and ISVs who utilize the company's seamless submission process, efficient onboarding, and robust management tools.
