Synchrony in Stamford, Conn., has acquired consumer financing software provider Versatile Credit.
Synchrony said in a press release that Versatile Credit, based in Mechanicsburg, Pa., connects merchants, lenders, and consumers through point-of-sale solutions. The price wasn’t disclosed.
“As a trusted partner to some of the country’s most respected brands, as well as hundreds of thousands of small- and midsize businesses and health and wellness providers, Synchrony is committed to bringing innovative technology and capabilities to help them grow,” Maran Nalluswami, Synchrony’s chief strategy and business development officer, said in the release.
“Versatile’s platform sits at the forefront of consumer financing, ultimately driving more sales for merchants and expanded access to credit for consumers,” Nalluswami added.
The acquisition is expected to be immaterial to the Company’s earnings per share.
BofA Securities and Mayer Brown advised Synchrony. Shea & Company and Weil, Gotshal & Manges advised Versatile Credit.