TORONTO, ONTARIO--(Marketwired - Feb. 14, 2014) - TNS Smart Network Inc. (TNS) today announced it has completed its acquisition of Open Solutions' Canadian Partnership (OSC), the Canadian ABM and POS processing business of Open Solutions Datawest, Inc.
With the completed acquisition, TNS and its affiliates will provide acquiring, processing and settlement services for 30,000 white label ABMs (approximately 50% of all the ABMs in Canada) and nearly 10,000 POS devices.
Under the terms of the agreement, TNS will acquire OSC and certain of its ABM and POS processing assets, including customer and vendor agreements. In addition, TNS will license the right to continue use of the POSH payment switch for a period of time sufficient to allow for the migration of all ABM and POS processing services onto the TNS Smart Acquirer™ processing platform.
This acquisition allows TNS to expand its industry leading payment processing solutions, and web-based management and monitoring tools to ABM ISOs across Canada. It also provides a terrific opportunity for TNS to bring new and innovative debit and credit solutions to the POS ISO community, and facilitates TNS' entry into the field of contactless payment solutions for vending machines.
"We're very excited about the growth of TNS' white label ABM business, and our entry into the POS acquiring segment, and we welcome the employees associated with these offerings to the TNS family," said John Dominelli, President and CEO of TNS. "Since acquiring TNS in 2009, our goal has been to build the most robust, innovative and customer-centric payment processing infrastructure in Canada. The acquisition of OSC will allow the TNS family to expand its services to a larger and more diverse network of ISOs and ultimately, we hope this will benefit cardholders who withdraw money from ABMs, purchase goods from stores and engage in contactless transactions at vending machines."
About TNS Smart Network Inc.
TNS Smart Network Inc. (TNS) is a privately owned Canadian company providing secure payment processing solutions for Independent Sales Organizations (ISOs) across Canada. TNS is also a software developer of acquiring and issuing platforms which are deployed globally. Innovation is at the core of TNS' operations and services. By combining innovation, experience and service excellence, TNS delivers reliable solutions and best in class capabilities to ISOs on a global scale. TNS success has been built on the following cornerstones; compliancy, security, reliability and customer service.