Oil prices rebound sharply on smaller-than-feared OPEC+ output hike
GRAND RAPIDS, Mich. - Acrisure announced Wednesday it has completed its acquisition of Heartland Payroll Solutions from Global Payments, Inc. (NYSE:GPN) for $1.1 billion. The transaction brings Heartland Payroll’s more than 50,000 clients under Acrisure’s umbrella and expands the company’s payroll and Human Capital Management (HCM) capabilities. Global Payments, with a market capitalization of $20.2 billion and annual revenue of $10.1 billion, maintains a strong financial health rating according to InvestingPro analysis.
The acquisition represents a strategic move for Acrisure as it continues its transformation into a diversified fintech platform. Vince Lombardo, formerly President of Heartland Payroll, has joined Acrisure and will lead the newly formed Auris Payroll and HCM Division. Based on InvestingPro Fair Value analysis, Global Payments currently appears undervalued, with additional insights available in the comprehensive Pro Research Report.
"This transaction is more than an acquisition of a business, it signifies the importance of listening to our clients and finding the right solutions to better serve their needs," said Greg Williams, Co-Founder, Chairman and CEO of Acrisure.
According to the company’s statement, the acquisition addresses the growing demand from small and medium-sized businesses looking to consolidate their non-discretionary business services with a single provider.
Acrisure, which has grown from $38 million in revenue to nearly $5 billion over the past eleven years, now employs over 19,000 people across 24 countries. The company offers services across insurance, reinsurance, payroll, benefits, cybersecurity, and real estate.
The announcement was made in a press release issued by Acrisure.
In other recent news, Global Payments Inc. has completed the sale of its Payroll business to Acrisure for $1.1 billion as part of its strategic transformation efforts. This move aligns with Global Payments’ broader initiative to streamline operations, following the sale of AdvancedMD and plans to divest its Issuer Solutions business while acquiring Worldpay. Additionally, the company has appointed Patricia Watson and Archana Deskus as independent directors to its Board in agreement with Elliott Investment Management. An Integration Committee has been established to oversee the Worldpay acquisition, focusing on integration and synergy realization. Meanwhile, Keefe, Bruyette & Woods has reiterated its Market Perform rating on Global Payments amid a UK regulatory inquiry into the Worldpay acquisition. Global Payments has also launched its Genius solution for enterprise customers in the U.S., providing a unified commerce platform for various environments. Lastly, TD Cowen has raised its price target for Global Payments to $92 from $84, maintaining a Hold rating on the stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.