Cloud-based bill payment processor TIO Networks today announced it closed on the acquisition of Softgate Systems. The acquisition of the New Jersey-based bill payment services provider makes TIO the largest walk-in bill payment network in North America.

In a press release, TIO CEO Hamed Shahbazi says the deal “provides a unique opportunity for TIO to scale its business substantially and represents an important corporate milestone as we continue to grow and evolve to meet the needs of our customers.” He continues, “TIO has enjoyed an eight-year relationship with Softgate. …We expect to be able to expand and extend services towards our customer base across North America, with a strong focus on servicing the underbanked and unbanked population.”

Along with the news, TIO cited recent metrics about the combined companies:

• The two generated 12-month historical revenues of more than $83 million (CAD$105 million)
• In the last year, the two processed  about 80 million consumer transactions worth over $9 billion
• The addition of Softgate adds $5 million in incremental EBITDA per year (providing TIO with $30 million in net operating losses)
• TIO’s geographical footprint has expanded from 15 U.S. states to 46 states.

The financial terms of the deal, for which TIO secured a $5.7 million loan, were divided into three aspects:

1. $4.6 million in cash
2. 25 million TIO Network shares issued to Softgate shareholders
3. $4 million issuance in vendor take-back promissory notes

TIO was founded in 1997 under the name Infotouch Technologies. At FinovateSpring 2012, the company launched TIO Mobile Pay, a mobile app that empowers consumers by allowing them to pay telecom, utility, financial services, and insurance bills using their Visa or MasterCard credit cards, or their debit card. Since then, the Vancouver, B.C.-based company garnered $1.7 million through the issuance of a secondary stock offering, and was awarded second place in the top-10 companies on the 2016 TSX Venture 50. It was also named one of Canada’s 20 hottest and most innovative public tech companies.