Investment Will Equip Chicago Payments Company for Continued Success
Payline Data, a full-service payment solutions provider, today announced that Pineapple Payments, an omni-channel payments technology company, has acquired Payline, securing its latest round of growth funding. The deal will provide a level of growth capital to equip Payline for continued success. Terms of the agreement were not disclosed.
“Up until now, Payline has been completely bootstrapped,” said Jeff Shea, Payline CEO and Co-founder. “We have experienced tremendous success in the past 7 years, relying on internal resources to reach significant milestones.”
In the last year alone, Shea has led Payline through a period of impressive growth, with a second-consecutive year on Inc. Magazine’s 500 Fastest Growing Companies list, $2 billion in annual processing volume, and the recognition as the “Best Payment Facilitator Integration” at the Electronic Transactions Association (ETA) TRANSACT Conference. In addition to these achievements, Payline acquired AcceptOn, a cross-device payment platform, and added its founders to their growing team.
“It is exciting to join forces with Pineapple because it will allow us to provide even more innovative payment tools for our merchants,” Shea added. “We are looking forward to furthering our shared vision for growth alongside Pineapple in a rapidly evolving payments landscape.”
Pineapple is led by Founder and CEO Brian Shanahan, one of the payment processing industry’s most recognizable names. In his impressive career, Shanahan has built and exited from four different payments companies, the most recent of which being CardConnect (acquired by FirstData). The Pineapple team is focused on delivering integrated payment solutions to a broad range of merchants with enterprise grade support behind every customer.
“Jeff Shea and his team are more than impressive,” said Shanahan. “Their rise in the industry and long-standing dedication to their merchant base speaks for itself. We have no doubt that our support will only enable Payline to further enhance the already incredible payments offering provided to Payline merchants. The collective vision between our two companies is aligned for success, and we are delighted that Payline is joining our Pineapple family.”
Shanahan is supported by President Jon Halpern, who brings a unique perspective to Pineapple from his days as the CEO of payments-driven SaaS company AthleteTrax. For both Pineapple and Payline, the similar mission and culture between the two companies is most exciting. “Our companies share a commitment to transparent pricing, first-class customer support, and giving back to the community,” Halpern explained. “This partnership is all the more promising for not just our two companies, but most of all, for our merchants.”
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Payline Data Services LLC is an industry-shaping payments company that powers killer payment experiences for a wide range of merchants. Established in 2011, Payline has rapidly ascended in the highly competitive payment processing industry. Today, Payline serves nearly 10,000 merchants and processes $2 Billion in annual volume. In 2017, Payline was honored with a second-consecutive year on Inc. Magazine’s 500 Fastest Growing Companies list. Headquartered in Chicago, IL, Payline is built on a foundation of providing opportunities for employees and customers to achieve their greatest potential and giving to those in need. For more information about Payline, please visit www.paylinedata.com.
ABOUT PINEAPPLE PAYMENTS
Pineapple Payments is a Pittsburgh, PA based payment processing technology company that provides omni-channel payment acceptance tools for merchants of all shapes and sizes, from startups to large-scale enterprises. From its innovative technology solutions to its proactive merchant success team, Pineapple truly takes a fresh approach to payment processing. In 2017, Pineapple Payments received substantial investment for accelerated growth from Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a global private equity firm with more than $50 billion in assets under management. For more information about Pineapple Payments, please visit www.pineapplepayments.com.
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