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Acquisitive merchant acquirer Payroc WorldAccess LLC has struck its latest deal, this time with a definitive agreement, announced Thursday, to acquire card-not-present payment processor BlueSnap Inc., which has seven offices around the globe.
Financial terms of the deal were not disclosed. Payroc, based in the Chicago suburb of Tinley Park, Ill., operates in the U.S., Canada, and Puerto Rico.
“This transaction dramatically expands our global footprint and the breadth of capabilities we can bring to our customers and partners,” Payroc chief executive Jim Oberman said in a statement. “More importantly, we are impressed with the BlueSnap team—our shared culture and vision aligns with Payroc’s ongoing commitment to deliver a more efficient, intelligent, and global payments experience.”
A spokesperson adds by email that Boston-based BlueSnap, which has 275 employees, “will provide Payroc with the ability to expand globally beyond current markets. BlueSnap provides the ability to sell into over 200 regions with local card acquiring in 50 countries.” BlueSnap’s technology system includes an accounts-receivable automation platform.
BlueSnap has been headed since last year by chief excecutive Henry Helgeson, a prominent payments-industry veteran whose former company, Cayan, is now part of Global Payments Inc.
Helgeson will stay on with Payroc, at least for the short term. Gavin Cicchinelli, currently BlueSnap’s chief revenue officer, will become president of a new subsidiary called Payroc Global Integrated, according to the spokesperson.
“Henry will begin to gradually step back from day-to-day operations, and Gavin Cicchinelli will take on a broader leadership role and will be leading the transition,” the spokesperson tells Digital Transactions News. “While there are no immediate changes to BlueSnap’s name or branding, we will be evaluating brand alignment and potential updates as we approach the close of the deal and look ahead to integration opportunities.”
Helgeson said his company’s clients will benefit from Payroc’s ownership. “Joining Payroc gives BlueSnap’s customers direct access to industry-leading acquiring relationships and a broader partner ecosystem,” he said in a statement. “Together, we’ll empower businesses to scale payments both domestically and globally, automate receivables, and innovate faster than ever.”
TSG, an Omaha-based consulting firm and researcher for the merchant-acquiring industry, ranked Payroc as the 20th-largest acquirer by volume in 2024, with estimated volume of $91.7 billion on 741.7 million transactions from 138,900 merchants. TSG ranked BlueSnap as the 73rd largest acquirer based on estimated volume of $9.99 billion from 48.9 million transactions, and 3,900 merchants. Payroc’s sponsor bank in the U.S. is Fifth Third, and Peoples Trust Co. in Canada.
Payroc’s recent acquisitions include a Canadian processor, SterlingCard Payment Solutions in 2024, and Atlantic Merchant Services LLC in 2023.
Although BlueSnap did not mention the incident when Helgeson joined the company, the Federal Trade Commission fined the company and two former executives $10 million last year as part of a settlement for allegedly processing payments for a fraudulent telemarketer. The FTC said former BlueSnap CEO Ralph Dangelmaier and senior vice president Terry Monteith “turned a blind eye to glaring warnings” about the merchant.
