Moneris Solutions Corporation ("Moneris"), a leader in Canadian commerce solutions, and Francisco Partners ("FP"), a leading global investment firm that specializes in partnering with technology companies, announced that FP has entered into a definitive agreement to acquire Moneris from Bank of Montreal (BMO) and Royal Bank of Canada (RBC), subject to customary regulatory approvals and closing conditions.

Under the terms of the agreement, FP will acquire Moneris for cash consideration of approximately C$2.0 billion, with BMO and RBC each receiving a 50 percent share. Further, long-term referral agreements have been established with both BMO and RBC, under which they will exclusively refer customers, reflecting Moneris' position as Canada's trusted payments and commerce partner and reinforcing the innovation, continuity and stability that Moneris is known for.

FP combines deep expertise in payments and fintech with extensive experience growing technology-enabled businesses globally. The firm has a strong track record of long-term investment and supporting operational excellence, innovation and growth, as evidenced by its investments in Hypercom, Paymetric, PayLease, NMI and Verifone, among others. Its investment in Moneris reflects confidence in the company's mission, performance and future potential, while providing additional expertise, resources and strategic support to help accelerate the company's next phase of growth and innovation.

As part of the transaction, Jeff Sloan, former President and CEO of Global Payments Inc., and a highly regarded payments industry leader, will join Moneris as Chairman. Sloan brings decades of global experience and a proven track record, complementing the strength of Moneris' experienced leadership team.

As ownership transitions to FP, Moneris' commitment to serving Canadian businesses will remain unchanged, as reflected in its leadership, people, presence and platforms, including nearly 2,000 team members across the country, a head office and technology infrastructure fully resident in Canada and a continued dedication to local communities from coast to coast to coast.

"This announcement marks an exciting next step in Moneris' continued evolution as the company that powers Canadian commerce," said James Hicks, President and CEO at Moneris. "With Francisco Partners' deep global expertise in technology and payments, we are well-positioned to further accelerate our ambitious strategy and continue to broaden the wide choice of solutions, support and experiences we deliver to businesses to help them achieve their aspirations. Importantly, our commitment to our customers, partners and people remains unchanged, and we will continue to operate with the same focus, values and leadership that have defined Moneris for more than two decades. The deep relationships we have built with BMO and RBC extend well beyond ownership. Their decision to establish long-term referral agreements and maintain ongoing commercial relationships with Moneris reflects the confidence both organizations have in Moneris and provides a strong foundation for continuity, collaboration and long-term growth. I am also pleased to be working again with Jeff Sloan, whose industry experience and perspective will complement the strong momentum our team has built."

"For 25 years, Moneris has earned the trust of Canadian businesses by delivering secure, reliable and innovative payment solutions," said Sharon Haward-Laird, Group Head, Canadian Commercial Banking & North American Integrated Solutions, and Co-Head Canadian Personal & Commercial Banking, BMO. "This next chapter will enable Moneris to build on that strong foundation while accelerating its strategy in a rapidly evolving payments landscape. Through our ongoing referral arrangements, clients will continue to benefit from the trusted support and solutions they rely on today."

"Moneris has played a central role in enabling Canadian businesses to modernize and scale by connecting them with more consumers more often through innovative payments solutions across the commerce ecosystem," said Sean Amato-Gauci, Group Head, Commercial Banking, RBC. "The trusted team, leading platforms and unwavering commitment to clients that Moneris is known for will be leveraged and amplified by Francisco Partners in this next stage of growth. We're eager to see the accelerated investment in innovation and modernized solutions Moneris can bring to our valued business clients and the Canadian market."

"Moneris is one of the strongest payments solution providers in North America, with a trusted brand, leading technology and a proven team that has helped shape the way Canadian businesses operate," said Peter Christodoulo, Partner at Francisco Partners. "We see a significant opportunity to build on that foundation through continued investment in innovation, platform expansion and long-term growth, while preserving the deeply Canadian identity that has made Moneris a market leader, including its long-standing relationships with leading Canadian financial institutions, BMO and RBC."

"Together with Jeff Sloan's deep industry expertise and strategic counsel as Chairman, we are excited to support the Moneris team as they continue to deliver the technology, scale and reliability Canadian businesses need to thrive in an increasingly digital and AI-driven economy," added Nate Zupan, Principal at Francisco Partners.

"Moneris has established itself as a leader, with a strong market position, a clear strategic vision and a talented team that is deeply committed to its customers and partners," said Jeff Sloan. "The company has built significant momentum under James' leadership and, having worked together in the past, I have tremendous confidence in his leadership team, the strategy they are executing and the opportunities ahead. With the investment and support of Francisco Partners, Moneris is well-positioned to accelerate that strategy and continue building on its strong foundation. I look forward to supporting Moneris and its leadership team as they continue creating value for customers, partners and stakeholders."