Benzinga | Mar 31, 2021 08:22AM EDT

Fiserv To Acquire Fintech Firm Pineapple Payments For Undisclosed Sum

* Payments technology company Fiserv Inc (NASDAQ: FISV) inked an agreement to acquire payments technology provider Pineapple Payments from PSG equity firm.

* The financial terms of the deal were not disclosed.

* Pineapple will join Fiserv's Global Business Solutions division as part of the Partner Solutions business unit.

* Pineapple completed seven acquisitions after partnering with PSG in 2017.

* Pineapple's arrangement will offer simple, secure, and scalable payment solutions to its merchants, as per CEO Brian Shanahan.

* Fiserv held cash and cash equivalents of $906 million as of Dec. 31, 2020.

* Price action: FISV shares are trading higher by 1.22% at $122.22 in the premarket session on the last check Wednesday.