Walnut Creek, Calif. — Combined organization will process more than $5 billion of payment volume.
Walnut Creek, Calif. — YapStone, Inc., a provider of Electronic Payments-as-a-Service (ePaaS) for property management and other vertical markets, has signed a definitive agreement to acquire the assets of its largest competitor, PropertyBridge, Inc. PropertyBridge is a subsidiary of MoneyGram International. The financial terms of the transaction were not disclosed, and the deal was anticipated to close by the end of September 2011, subject to customary closing conditions.
YapStone and PropertyBridge process the highest payment card volume in the multifamily industry, and are the only two fully compliant companies exclusively focused on payment solutions for this sector. The combined organization will serve the electronic payment needs of approximately 50 percent of the National Multi Housing Council Top 50 U.S. Apartment Managers and will process more than $5 billion in e-payments.