Moneris Sold to Francisco Partners for $2 Billion

Moneris, one of Canada's largest commerce solutions providers, has been sold to American private equity firm Francisco Partners for $2 billion. The platform is jointly owned by the Bank of Montreal and the Royal Bank of Canada.

The sale will give Moneris 'broaden the wide choice of solutions, support and experiences' it delivers to businesses, said James Hicks, president and CEO at Moneris. Francisco Partners promises 'continued investment in innovation, platform expansion and long-term growth', while preserving Moneris's Canadian identity.

Moneris is key for businesses across Canada, helping them accept and manage payments across 325,000 points of commerce in the country.