The Canadian transaction processor Moneris Solutions Corp. has agreed to buy the Montreal point of sale service provider Keycorp Canada Inc. from the Australian company Keycorp Ltd.
Moneris, a Toronto joint venture of Royal Bank of Canada and Bank of Montreal, announced the planned purchase last week but did not give a price. The transaction is expected to close this month.
Moneris handles transactions for more than 350,000 merchant locations.
Keycorp Canada has 300 employees and provides payment support services to Canadian merchants and acquirers, including the Video Lottery Association of Quebec.
Jim Baumgartner, Moneris' president and chief executive, said in a press release that it plans to "integrate these offerings completely into our portfolio of payment services."
