Tennessee company acquires Sarasota payment processing firm

A Sarasota financial services company has been acquired by a Tennessee e-commerce firm. Celero Commerce, which has its headquarters in Nashville, announced Nov. 14 its acquisition of Precision Payments, a payment processing firm off Fruitville Road. Terms of the deal were not disclosed.

Precision Payments was founded in 2009 and provides credit card processing and merchant services for small and mid-sized businesses from retailers to law offices to health clubs, according to a statement. Among its offerings are point-of-sale systems, credit card processing and cash discount programs.

Celero Commerce also caters to small and medium-sized businesses. It provides business payment processing services, business management software and data intelligence. It processes more than $23 billion annually and is among the top 10 non-bank processors of electronic payment transactions in the world, according to its website.

Now that Celero Commerce has acquired Precision Payments, the Tennessee-based company says in a statement that it expects to do more than $28 billion in annual credit card processing volume in North America.