Exit alert: CardConnect to be acquired for $750 million

Written by Roberto Torres, Technical.ly Philly

Atlanta-based payments company First Data bought the company. CardConnect and its 145-person team will be staying put in King of Prussia.

King of Prussia, Pa.-based CardConnect, one of Philly’s ubiquitous fintech firms, will be acquired by Atlanta-based First Data in a deal valued at $750 million.

As part of the deal, CardConnect CEO Jeff Shanahan along with the management team and staff of 145 will stay put in the firm’s MontCo stronghold. Half a dozen satellite offices in places like Chicago, Cleveland and Denver will also join First Data.

“We believe our growth trajectory improves with First Data’s breadth of products and its powerful distribution network,” Shanahan said in a statement published Monday.

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