Acrisure to acquire Global Payments’ payroll business for $1.1 billion

By Michael Loney

May 28 - (The Insurer) - Acrisure has agreed a deal to acquire Global Payments’ payroll business, Heartland Payroll Solutions, for $1.1 billion, which CEO Greg Williams said will enhance its position as a global fintech leader.

Heartland Payroll will expand Acrisure’s payroll and human capital management capabilities. Acrisure will rebrand the acquired company after the deal closes, which is expected in the second half of this year.

“This significant acquisition accelerates our successful transformation into a fully scaled and diversified fintech platform,” said Acrisure co-founder, chairman and CEO Williams.

Heartland Payroll provides payroll solutions, HCM software and other business services to more than 50,000 clients. Vince Lombardo will join Acrisure as part of the transaction and serve as the CEO of Heartland Payroll.

Skadden, Arps, Slate, Meagher & Flom and Kirkland & Ellis served as legal counsel, and Schulte Roth & Zabel served as regulatory counsel on behalf of Acrisure. Goldfinch Partners served as an advisor to Acrisure on the transaction.

Grand Rapids, Michigan-based Acrisure earlier this month secured a $2.1 billion capital raise led by Bain Capital with participation from Gallatin Point Capital and Apollo Funds. That transaction gave the broker and fintech company a valuation of $32 billion.

At the time the capital raise was announced, Acrisure said it will continue to grow its footprint and product offerings through strategic, accretive M&A, as it fully integrates the platform it has created through its previous 900 acquisitions, as well as driving organic growth with its “robust” suite of tailored offerings.