Zomaron, a leading Canadian fintech firm, and DataCandy, a Montreal-based software company, have joined forces and will rebrand under the Paystone name, effective today. As part of the acquisition, Paystone will retain the award-winning DataCandy gift card and loyalty platform and establish its Montreal office as the company’s second headquarters.
Paystone is a market-leading provider of customer engagement solutions for North America, processing 50 million transactions annually. Its expansive portfolio consisting of payment processing, customer loyalty, and gift card solutions is used at over 25,000 locations across Canada and the United States, by brands such as Irving Oil, The Source, Transat Distribution Canada Inc. and The ALDO Group. With headquarters in London, Ontario and Montreal, Quebec, Paystone can now provide products and services in both English and French.
In addition to DataCandy, the 2019 acquisitions of Alberta-based merchant services provider POS West LTD and British Columbia-based NXGEN Canada helped Paystone increase its client base fivefold. The combined customer base will have access to an enhanced level of support and valued-added services.
“We brought these companies together because we wanted to disrupt the loyalty and payments industries,” says Tarique Al-Ansari, CEO of Paystone. “These acquisitions tie together complementary software solutions that will enable us to create proprietary products to further enhance Paystone’s value proposition and accelerate our ongoing growth efforts.”
According to Al-Ansari, Paystone continues to actively research viable acquisition opportunities that will further support the company’s mission and end-goals. “We are committed to becoming a trailblazer in the payment and software sector, and this is just the beginning. Maintaining an acquisitive mindset is key for our product roadmap and growth strategies,” says Al-Ansari.
In 2019, Paystone made Canadian Business and Maclean’s Growth 500 ranking for the fourth consecutive year, and with 336 percent revenue growth, was recognized as one of Canada’s Top Growing Companies by The Globe and Mail.