First Data, one of the world’s largest card payment processors, is acquiring CardConnect for $750 million, gaining access to a technology that allows merchants to combine payment systems from multiple vendors into one platform.

For enterprise-level organizations, CardConnect integrates omni-channel payment acceptance into several enterprise resource planning (ERP) systems — such as Oracle, SAP, JD Edwards, and Infor M3 — in a way that minimizes data security compliance requirements and lowers transaction costs.

First Data said it had agreed to buy the company for $15 a share, a nearly 10% premium over CardConnect’s closing price on Friday. CardConnect was already one of First Data’s distributors.

“We didn’t have access to their technology and they didn’t distribute all our options. We talked about expense synergies but it’s the ability to grow our ISV [independent software vendor] and ERP solutions that was key,” First Data CEO Frank Bisignano told Reuters.

As PaymentsSource reports, card payment processors have been “investing billions of dollars to build huge menus of tools for retailers that may no longer have the time to work with multiple vendors.” Earlier this year, First Data acquired e-commerce technology specialist Acculynk.

CardConnect, a fintech startup that went public last year, processes about $26 billion annually from 67,000 merchant customers. It lost nearly $16 million last year on sales of $589 million.

“The company is known for its integrated payment solutions that link to corporate’s internal enterprise resource planning systems,” CNBC said. “This could open up a new market for First Data and improve its cash management and other services to clients.”

First Data handles $2.2 trillion worth of transactions a year on behalf of businesses such as retailers, banks and others that need to process a payment.

The CardConnect acquisition “is consistent with our strategy of integrating and scaling innovative technologies across our distribution footprint to better serve our partners and customers,” Bisignano said in a news release, adding that First Data will incorporate CardConnect’s “state-of-the-art solutions across some of our most important strategic initiatives such as partner-centric distribution, integrated payments, and enterprise payments solutions.”