Fiserv Inc., a global provider of payments and financial services technology solutions, has purchased Pineapple Payments, a payments technology provider, from PSG, a growth equity firm partnering with middle-market software and technology-enabled service companies to help them navigate transformational growth. Pineapple will join the global business solutions division of Fiserv as part of the partner solutions business unit.
“PSG helped us execute on our growth strategy over the past few years through both its injection of capital to fuel acquisitions and its work with our team to build a strong foundation for scaling our merchant base and product offerings quickly,” said Pineapple co-founder and CEO Brian Shanahan. “The acquisition by Fiserv is the natural next step in the evolution of Pineapple Payments, and we believe this combination will accelerate our mission to offer simple, secure and scalable payments solutions to our merchants.”
“It was great to partner with the Pineapple team on their journey from an initial idea to a significant player in the payments ecosystem,” said Marco Ferrari, managing director at PSG. “The company’s remarkable expansion and proprietary solutions are a testament to the team’s talent and hard work, and we look forward to seeing what they can accomplish with Fiserv.”
Weil, Gotshal & Manges LLP and Cozen O’Connor P.C. acted as legal advisors to Pineapple in connection with the transaction.