Pineapple Payments, a Pittsburgh-based payments technology company, has acquired Boston-based Beacon Payments, a merchant services provider. The deal adds more than $1 billion in annual payment processing volume to the Pineapple Payments platform and provides Beacon with capital for further investment and growth.
Terms were not disclosed.
Pineapple Payments was co-founded by CEO Brian Shanahan, an industry veteran with a history of building and exiting three different payments companies to NASDAQ and founding a fourth, the publicly traded payments company CardConnect, which he sold to First Data. Co-founder Jon Halpern played an active role in securing the new partnership.
“Beacon Payments has an impressive partner program and great longstanding relationships with their partners and merchants,” Halpern said in a statement. "We’re eager to grow our network together with the sales and distribution channels that Beacon brings. We plan to drive new sales to Beacon through our proprietary payments technology and solutions."