Princeton-based Heartland Payment Systems, a payment processor and provider of business solutions, announced Thursday that it has acquired Leaf, the creator of a mobile point-of-sale tablet specifically designed for commerce.
Leaf’s product helps retail stores, restaurants and merchants improve the speed and ease of checkout and offers business management, analytics and customer engagement solutions.
Financial terms of the deal were not disclosed.
“Leaf and Heartland value serving customers with fair pricing and transparent business practices, making for a real partnership,” Robert O. Carr, chairman and CEO of Heartland, said in a prepared statement. “We’ve made a significant investment in Leaf and we want to continue making sure it has the resources needed to realize its full potential.”
According to a Heartland news release, in September 2013, the company invested $20 million in Leaf. With this acquisition, Heartland has purchased the remaining minority interests in Leaf.
“Leaf has accomplished a lot with the purpose-built POS tablet and commitment to empower a merchant’s choice of service provider; Heartland clearly sees the potential in Leaf’s longer-term vision to provide an open marketplace of business services for small and medium enterprises,” Sarah McCrary, Leaf’s CEO, said in a statement. “What we’re doing is a big undertaking, and with Heartland’s backing and full commitment, we can focus 100 percent on the product while knowing that we’ll have the resources we need.”
Following the acquisition, McCrary will continue to lead Leaf as CEO.
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