Global payments are taking down another part of the business. The Atlanta-based giant announced Wednesday that it will sell its payroll arm, Heartland Payroll Solution, for $1.1 billion, to fintech company Aquilis. The move is the latest in a series of sales aimed at sharpening its focus and increasing profitability.
Acrisure is not your average fintech player. Originally a Grand Rapids-based insurance broker based in Grand Rapids, Michigan, he pushes technology, data and financial services even deeper. With this acquisition, they have made clear plays to become a one-stop shop across the entire fintex spectrum.
Global payments amid streamlined push
Heartland Salary, a division sold, serves more than 50,000 business clients, including Burger King and Marathon Oil. We offer a range of services including payroll processing, tax returns, and HR support. After the expected trading ends later in 2025, the brand will be discontinued and the units will operate under the umbrella of Acrisure. Vince Lombardo, former president of North American Merchant Solutions at Global Payments, is heading the new division as CEO.
“This transaction will sharpen our strategic focus even further and amplify our investments in the markets and solutions that are the most differentiated,” said Cameron Bready, CEO of Global Payments.
This is a playbook for global payments these days. Last month, it sold Issuer Solutions Business to FIS in a massive $13.5 billion deal, Reuters reported. Previously, it ended its healthcare space with a $1.13 billion sale of AdvancedMD to Francisco Partners. The goal is to become a more lean and focused payments business. Analysts are looking for profits as they slide over the most recent quarter.
The proceeds from the Heartland Sale are used to buy back the shares or return the capital to investors. This is part of the company’s efforts to promote shareholder value without thinning it across an unrelated business line. Still, global payments don’t cut all ties. Working with Acrisure, we provide salaries and HR solutions to merchants through a partnership model.
In the case of Acrisure, timing makes sense. The company raised $2.1 billion in a funding round led by Bain Capital, pushing its valuation to $32 billion. That round included convertible preferred stocks. This is a common method used by companies preparing for future IPOs. Acrisure has not confirmed such plans, but the structure will leave the door open.
Last month, Global Payments acquired WorldPay in a $22.7 billion transaction with rivals Stripe, Paypal and Adiene.
“This important acquisition will fully expand successful transformation and accelerate its diversified fintech platform,” said Greg Williams, CEO of Acrisure.
Goldfinch Partners advised Acrisure on the transaction.
With this acquisition, ACRISURE offers off-the-shelf pay business with size, repeat revenue and existing enterprise clients. All of these will be neatly slotted into the company’s growing fintex stack. It also shows that Acrisure is actively working to position itself as something much larger than insurance intermediaries.
A wider trend? More fintechs are levelling, particularly as valuations are strengthened and investors demand a clearer path to monetization.
With the acquisition of Heartland, Acrisure bets that its future is bigger, broader, and tech-driven.
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