Why are Canada’s big banks cashing out of Moneris now?
That surprise registered on social platforms too, where users flagged the deal as another Canadian tech asset passing to American control, as reported by The Deep Dive.
Industry observers were cautiously optimistic on the outcome for Moneris itself.
“It’s hard to say if this purchase will make Moneris more competitive, that will play out as [Francisco Partners] takes on governance,” Cliff Gray, principal at Gray Consulting, said in an email to Digital Transactions.
Gray added that the deal “cements the ongoing value of Moneris, given [Francisco Partners] is willing to make a multi-billion dollar bet on them.”
Francisco Partners, for its part, said it intends to keep the business Canadian, with partner Peter Christodoulo pledging to preserve “the deeply Canadian identity that has made Moneris a market leader.”
