REFILE-With 'sticky' customers, more payments processors may combine for growth [Reuters]
VANTIV (VNTV)
US:NYSE Investor Relations:
investor.worldpay.com
Company Research
Source: Reuters
With 'sticky' customers, more payments processors may combine for growth NEW YORK In the world of financial technology, where startups are the focus of M&A chatter, a $10 billion combination of two back-office processors whose roots date to the 1970s might seem unusual. But Vantiv Inc's ( VNTV.N ) plan to acquire Worldpay Group PLC ( WPG.L ) shows that the sheer size of some legacy players - and the inertia of their customers - makes them more interested in buying one another than newer rivals, bankers and analysts said. The two companies facilitate payments by linking stores to customers' bank and credit-card accounts. "It's a pretty sticky product," said Thad Peterson, an analyst at Aite Group. "Once merchants find a processor that works for them, they are unlikely to change. Merchants aren't in the business of payments, they are in the business of selling stuff." Vantiv started as a project inside of Cincinnati-based regional lender Fifth Third Bancorp ( FITB.O ) during the Nixon
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