Vantiv to Acquire Litle & Co. for $361 Million7 Nov, 2012 By: Doug McPherson
CINCINNATI – Vantiv Inc., a leading provider of payment processing services and related technology solutions for merchants and financial institutions, announced today that it has signed an agreement to acquire Litle & Co. for $361 million.
Litle & Co. is a leading independent E-commerce payment processor, providing a fully-integrated payments solution for companies that sell goods and services to consumers via the Internet and through direct response marketing.
According to a Vantiv news release, acquiring Litle & Co. increases Vantiv’s capabilities in eCommerce, expands its customer base of online merchants and allow it to deliver Litle’s eCommerce solutions to many of Vantiv’s clients. The combined service offering will leverage Vantiv’s scale, distribution channels and support capabilities, to address the evolving payments needs of businesses in multiple channels, and offer merchants a one-stop suite of point-of-sale, E-commerce and direct response payment processing solutions.
“E-commerce is one of the fastest growing segments of payments,” said Charles Drucker, president and CEO at Vantiv. “As our clients continue to expand their online presence to meet their consumers’ demands, they rely on us to meet their payments needs through our integrated processing platform. The acquisition of Litle & Co. will enable us to offer leading, integrated products in high growth markets, allowing our clients to engage with their customers across multiple channels, with better visibility and increased simplicity. “
Tom Litle, president and CEO of Litle & Co., says the agreement “represents the beginning of a new chapter in our company’s evolution. By partnering with Vantiv, we’re able to accelerate the development and distribution of the value added services Litle & Co. is known for and drive payments intelligence deeper into the operations of the world’s leading E-commerce and multi-channel merchants.”
Litle says the two companies “share a deep-rooted commitment” to customer service and “providing a world class environment for the industry’s best talent.”
The transaction is expected to close in late 2012, pending regulatory approvals and customary closing conditions. Upon completion, Litle & Co. will become a subsidiary of Vantiv LLC and will maintain its location in Lowell, Mass.