Visa Announces Billion-Dollar Pismo Acquisition
Visa (NYSE: V), the global financial giant, unveiled its plans to acquire Pismo today. Pismo is a leading cloud-native issuer processing and core banking platform that operates across Latin America, Asia Pacific, and Europe. The total acquisition price, settled in cash, amounts to a substantial $1 billion.
Pismo's Integration to Boost Visa's Banking Capabilities
By incorporating Pismo into its system, Visa aims to expand its service portfolio to include core banking and issuer processing capabilities. These capabilities will apply to a broad range of cards, including debit, prepaid, credit, and commercial cards, through the use of innovative, cloud-native APIs.
Acquisition Timeline and Management Continuity
The deal's finalization hinges on regulatory approvals and the satisfaction of other typical closing conditions. The parties anticipate the acquisition to conclude by the end of 2023. To maintain operational continuity, the current Pismo management team will remain in their positions following the deal's closure.