The acquired business will be re-branded as TSYS and fully integrated into TSYS Merchant Solutions, another recent TSYS acquisition based in Omaha, Nebraska.
TSYS Merchant Solutions will now serve over 327,000 merchant locations across the US.
TermNet has a 25-year history in the merchant acquiring industry. It has offices in Atlanta, Georgia; Dallas, Texas; Louisville, Kentucky; and Panama City, Florida.
TSYS chairman of the board and CEO Philip Tomlinson said that the acquisition of TermNet is the next step in establishing the company as a major player in the merchant acquiring industry.
"With its highly diversified merchant portfolio and strong sales distribution channel, we believe this is a great opportunity to continue to grow the TSYS Merchant Solutions business," Tomlinson said.
The terms of the transaction were not disclosed.
