U.S. Bancorp said its merchant payment processing subsidiary Elavon acquired Electronic Transaction Systems, a Virginia-based developer of end-to-end payment systems for retailers and other businesses.
Terms of the acquisition were not disclosed.
The deal will allow Elavon to integrate payment processing into software developed by ETS, the companies said in a statement Monday.
"ETS has an innovative approach to merchant payments that fits well within Elavon's strategy to provide businesses the ability to safely and quickly integrate into our system," Jamie Walker, chief executive of Elavon, said in the statement.
Ed Vaughan, chief executive of ETS, said the company has been working with U.S. Bank for 20 years.
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