U.S. Bank has acquired Silicon Valley-based software firm talech as part of its strategy to bolster digital expertise.
Financial terms of the acquisition were not divulged.
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Set up in 2012, talech delivers software solutions to SMEs to simplify operations.
The firm’s single, integrated point-of-sale system enables businesses to manage several tasks including order and customer management, inventory, staff reporting, business insights and payments processing.
talech serves more than 8,000 customers representing around $2.3bn in processing volume.
US Bank chief digital officer Derek White said: “Small businesses are a focal point for us as we transform how US 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.
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By GlobalData“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 is now part of the newly formed digital team of U.S. Bank.
In July, US Bank announced its Q2 2019 results and reported a 4% year-on-year increase in net income to $1.82bn. Last month, the lender also added several new features to its mobile banking app.
