Vantiv will buy e-commerce payment processor Litle & Co.
October 31, 2012 11:28 AM
Vantiv Inc., a payment processor primarily for store-based retailers, will acquire Litle & Co., a specialist in catalog and online payments, for $361 million, the companies announced today. The deal is expected to close before the end of the year, pending regulatory approval.
The acquisition will give Vantiv a foothold in e-commerce payment processing. Litle & Co. provides services to 13 online retailers in the Internet Retailer Top 500 Guide, including No. 49 Gilt Groupe and No. 50 Wayfair LLC. Litle & Co. also provides payment services to five e-retailers in the Second 500 Guide. None of the 1,000 merchants ranked in the guides list Vantiv as among their payment systems providers. In the retail space, Vantiv has historically focused on card-based transactions in stores. It also provides payment services to financial institutions.
Vantiv president and CEO Charles Drucker says the acquisition will help the company provide additional services as its clients expand into e-commerce. “E-commerce is one of the fastest-growing segments of payments,” he says. “The acquisition of Litle & Co. will enable us to offer leading, integrated products in high-growth markets, allowing our clients to engage with their customers across multiple channels.”
Litle & Co. president and CEO Tom Litle says the acquisition of the company will allow it to speed the development and distribution of services. “By bringing these two companies together we have created a uniquely valuable partner for merchants of all sizes to help navigate the rapidly evolving payments landscape,” he says.
When the deal is completed, Litle & Co. will become a subsidiary of Vantiv Inc., and Litle & Co. will maintain its offices in Lowell, MA.