U.S. Bank has acquired Talech, a Palo Alto, Calif.-based software company that provides point of sale services for small- and medium-sized companies.
Talech point-of-sale system is primarily for restauranteurs, retailers and service businesses. Among its functions the software can develop a digital map of a restaurants tables to aid in ordering and payments, manage a retailer's inventory or schedule guests at salons and other service companies.
"Small businesses are a focal point for us as we transform how U.S. Bank engages with customers and how our customers interact with their money, making it easy for them to make decisions at the moment they come into contact with our technology," said Derek White, chief digital officer at U.S. Bank in a statement.
Derek White, chief digital officer of U.S. Bank (photo courtesy of U.S. Bancorp)
Talech which was founded in 2012 has 86 employees and serves more than 8,000 clients and processes approximately $2.3 billion worth of transactions. It is a business that U.S. Bancorp is familiar with. Elavon, a U.S. Bank subsidiary, has sold talech's services for the past five years.
Talech will be added to U.S. Bancorp's newly formed Digital team led by White. The team provides digital services for small and medium sized companies including software that helps process payments, provides other eCommerce functions, and runs customer loyalty and gift card programs.
White was hired in April of this year to lead the enterprise-wide digital strategies of U.S. Bancorp. Prior to joining U.S. Bancorp White was the global head of client solutions with BBVA, a multinational banking group based in Spain. The Talech acquisition is the first deal done under White for the new Digital team. Terms of the transaction were not disclosed