Pineapple Joins Fiserv Partner Solutions Unit, Streamlining the Delivery of Innovative Payment Solutions
PSG, a leading growth equity firm partnering with middle-market software and technology-enabled service companies to help them navigate transformational growth, announced that it has signed a definitive agreement to sell Pineapple Payments, a payments technology provider, to Fiserv, Inc., a global leader in payments and financial services technology solutions. Pineapple will join the Global Business Solutions division of Fiserv as part of the Partner Solutions business unit.
“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.”
Founded in 2016, Pineapple Payments provides payment processing, proprietary technology, and omni-channel payment acceptance solutions for integrated software vendors (ISVs) and small and medium businesses (SMBs). After partnering with PSG in 2017, Pineapple completed 7 acquisitions, enhancing its proprietary technology offerings and scaling its customer base to more than 25,000 merchants.
Read More: Advapay Partners With Western Union to Offer New Payment and FX Capabilities to Fintech Clients
“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 & 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.”
“The rapid expansion of our business and our growing suite of payments technology solutions were key drivers of Pineapple’s value. Marco, Chris and the PSG team helped us refine our growth strategy and execute on it, particularly by helping identify the right acquisition opportunities,” added Jon Halpern, Pineapple Payments Co-Founder and President. “We’re excited to combine our technology and team with the expertise and scale of Fiserv, further easing and enabling commerce for our merchants.”
Read More: EMQ Delivers Enhanced Cross-Border Payment Capabilities in Hong Kong
“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.”
“Given Brian Shanahan’s 30-year track record and PSG’s expertise in software and integrated payments, we knew the opportunity to back Pineapple was a perfect fit,” added Chris Nesbitt, Principal at PSG. “In addition to Brian and Jon’s leadership, we’re very grateful to the entire Pineapple team, particularly Co-Founder and EVP Brian Gross and VP of Finance Max Rieck, for their dedication and hard work over the course of our investment, and we’re excited for their continued success.”
Weil, Gotshal & Manges LLP and Cozen O’Connor P.C. acted as legal advisors to Pineapple in connection with the transaction. The transaction is subject to customary approvals and closing conditions and is expected to close in the second quarter of 2021.
