Businesses gain simplicity, efficiency and ability to compete in rapidly-growing digital marketplace
MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bank has acquired talech, a Palo Alto-based software company that helps small and medium-sized businesses simplify operations and make better decisions through an integrated point-of-sale system. This acquisition is one of the many ways U.S. Bank is increasing its digital expertise to provide value when and where customers interact with technology.
Established in 2012, talech provides software that allows businesses to manage multiple operational tasks – such as order management, inventory and staff reporting, customer management, business insights and payments processing – in a single, integrated point-of-sale system. The company serves over 8,000 restaurants, retailers and professional services companies representing $2.3 billion in processing volume.
“Small businesses are a focal point for us as we transform how U.S. Bank engages with customers and how our customers interact with their money, making it easy for them to make decisions at the moment they come into contact with our technology,” said Derek White, chief digital officer at U.S. Bank. “We have an ambitious roadmap to deliver one amazing experience for our customers. Strategic acquisitions are one of the ways we are moving with speed and scale. Acquiring talech makes a lot of sense for a number of reasons, not the least of which is we share a vision for helping businesses simplify their operations and make better decisions through an integrated point-of-sale system.”
“U.S. Bank and talech have a shared vision with complementary capabilities for helping business owners make better data driven decisions through software tools,” said Irv Henderson, founder and CEO of talech. “We have enjoyed a long and productive relationship with U.S. Bank, and we are excited to be part of the team.”
U.S. Bank has specialized in payments and money movement for more than 20 years. Talech will join the newly formed Digital team led by White, who joined U.S. Bank earlier this year as part of the company’s on-going digital transformation.
The acquisition closed September 9, 2019. Financial terms are not disclosed.
Notes to editors
About Elavon
Elavon is wholly owned by U.S. Bank (NYSE: USB), the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 2 million customers in the United States, Europe, and Canada. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to the largest global enterprises.
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and $587 billion in assets as of March 31, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
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Contact:
Joe Rauch, Communications Manager | Global Head of Communications for Merchant Acquiring | Public Affairs and Communications
E: joseph.rauch@usbank.com