PayFacto Payments has acquired NEOPOS, a Canadian distributor and systems integrator of restaurant point of sale (POS) solutions in Quebec.
Financial details of the deal have not been disclosed by either company.
PayFacto CEO Martin Leroux and NEOPOS president and CEO Luc Girard added: “By joining forces with NEOPOS, we will drive enhanced growth opportunities and efficiencies for our restaurant clients and partners.
“We are excited to join the PayFacto team. Together, we are committed to redefining standards of excellence in the restaurant industry.”
Headquartered in Montréal, PayFacto has operations in Canada, the US, and the UK. It offers restaurant POS software and payment solutions.
The deal is expected to further bolster PayFacto’s growth and investment strategy in Quebec.
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Upon completion of the deal, PayFacto’s workforce will be increased to more than 350 employees dedicated to supporting over 10,000 restaurateurs in Quebec.
PayFacto’s financial sponsor Flexpoint Ford along with other members of the management invested additional capital to fund the deal.
Flexpoint managing director Arjun Thimmaya and principal Vilas Nair said: “We remain excited about our partnership with Marty and the PayFacto team.
“We are pleased with PayFacto’s growth and development across both its POS software and payments offerings. The acquisition of NEOPOS is a key element of our inorganic growth strategy and we look forward to supporting PayFacto’s continued growth.”