Visa to acquire CardinalCommerce; financial terms not disclosed
Visa announced an agreement to acquire CardinalCommerce. The acquisition will enable more secure, seamless payments, whether made through a browser, mobile app, or connected device, and will help Visa's clients and merchant partners accelerate digital commerce, the company said. Cardinal will continue to operate and serve all of its clients as a wholly-owned subsidiary of Visa, and its authentication platform will continue to support a broad range of payment brands and partners across the industry. Co-founders Tim Sherwin and Chandra Balasubramanian will remain as leaders of the Cardinal team, based in Mentor, Ohio. Financial terms of the transaction are not disclosed. The transaction, which is subject to the customary closing conditions, is expected to close in Visa's second fiscal quarter 2017.