ScanSource, a Greenville-based provider of technology products and services, has completed its acquisition of POS Portal, a California-based distributor of payment devices and services primarily to the small and medium-sized business market segment.
“We acquired POS Portal to expand our high-value capabilities and market reach across all payment channels,” said Mike Baur, CEO of ScanSource.
Under the agreement, which was first announced in June, the all-cash transaction includes an initial purchase price of approximately $144.9 million, plus an earn-out payment up to $13.2 million to be made on Nov. 30, according to a news release.
According to the release, the acquisition “will create the industry’s largest payments channel, ensuring customers have access to the solutions, services, and support that can help them be successful.”
For the first full year after closing, POS Portal net sales are estimated to total about $110 million.
“We want to make it easier for our customers to enter the payments business or grow their payments offerings. We are extremely pleased to welcome the POS Portal team to the ScanSource family and bring our businesses together,” said Baur.