The acquisition of talech could help US Bank increase its digital expertise to increase value of technology which interacts with customers.
Minnesota-based US Bank has completed the acquisition of talech, a California-based software company that offers point-of-sale solution to small and medium-sized businesses.
Financial details of the deal were not disclosed. Founded in 2012, the Palo Alto-based software firm talech helps small and medium-sized businesses in simplifying their operations and supports them in taking better decision through its integrated point-of-sale system.
talech’s software allows businesses to manage multiple operational tasks such as order management, inventory and staff reporting, customer management, business insights and payments processing, through a single, integrated point-of-sale system.
talech’s software serves businesses representing a processing volume of £1.87bn
The firm’s software is used by more than 8,000 restaurants, retailers and professional services companies, representing $2.3bn (£1.87bn) in processing volume.
According to the Minnesota-based bank, the deal is one of the many ways in which it can increase its digital expertise in offering value when and where customers interact with technology.
US Bank chief digital officer Derek White said: “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.
“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.”
talech founder and CEO Irv Henderson said: “U.S. Bank and talech have a shared vision with complementary capabilities for helping business owners make better data driven decisions through software tools.
“We have enjoyed a long and productive relationship with U.S. Bank, and we are excited to be part of the team.”
Established in 1891 in Portland, Oregon, as United States National Bank of Portland, the bank is the fifth largest bank in the US, with $482bn (£391bn) in assets as of June 2019.
The Minneapolis-based bank serves millions of retail, business, wealth management, payment, commercial and corporate and investment services customers across the US through its branches and ATM network, coupled with mobile and online tools.