Deluxe is making moves.
The payments and data company just announced it’s buying Celero Commerce for $625 million in a deal that’s all about accelerating its shift away from, well, the past and toward where the money actually is these days: payment processing and data services.
If you haven’t heard of Celero, here’s the quick version: they’re a fintech company that specializes in payment solutions for small and mid-sized businesses. Think of them as the people who help your local coffee shop or boutique gym accept credit cards without losing their minds over complex tech. They’ve built a reputation for combining sophisticated payment tech with actual human customer support—a combo that’s rarer than you’d think in this industry.
Why This Deal Matters
This isn’t just corporate Monopoly money changing hands. Deluxe has been executing a pretty deliberate transformation strategy, and this acquisition is basically hitting the gas pedal. Back in 2020, their Payments and Data segments made up just 31% of revenue. After this deal closes? That number jumps to 57% by 2026. That’s not incremental change—that’s a complete business makeover.
“Adding Celero immediately accelerates our transformation and shifts our revenue mix decisively towards our growing Payments and Data segments,” said Barry McCarthy, Deluxe’s President and CEO. He also noted that Celero brings “loyal customers, partners, and employees, as well as strong financials and corporate culture” that mesh well with Deluxe’s existing operation.
Translation: this isn’t one of those acquisitions where everyone’s secretly worried about culture clash and integration nightmares. At least, that’s the story they’re telling.
What Celero Brings to the Table
Kevin Jones, who founded Celero and currently runs it as CEO, seems pretty optimistic about the match. “At Celero, we’ve always focused on helping businesses thrive through innovative technology, exceptional service, and strong strategic partnerships,” Jones said. “Deluxe shares those values, and this combination allows us to accelerate that mission faster than we could have independently.”
The numbers back up the enthusiasm. Celero pulled in over $200 million in revenue last year with a 28% adjusted EBITDA margin and—here’s the kicker—90% unlevered free cash flow conversion. In plain English, they’re not just making money; they’re making money efficiently.
The Strategic Playbook
So what does Deluxe actually get for $625 million besides a hefty addition to their merchant services portfolio? Quite a bit, actually:
Bigger Distribution Network
Celero brings about 375 active partners to the table and added roughly 60 new ones in 2025 alone. Combined with Deluxe’s existing relationships with financial institutions, independent sales organizations, and software vendors, this creates a much wider net for reaching customers.
Serious Scale
Together, the two companies processed approximately $70 billion in gross transaction volume in 2025. That’s enough to crack the top 10 list of non-bank merchant acquirers in the United States, according to Nilson reporting. And scale in this business means leverage—the ability to spread costs, improve efficiency, and ultimately boost margins.
Complementary Strengths
Deluxe has the processing platform and infrastructure. Celero has the channel expertise and a sales team that knows how to work the partner ecosystem. Put them together and theoretically you’ve got a more complete offering that can serve everyone from small businesses to larger merchants.
The Money Side of Things
Deluxe expects the deal to be accretive to adjusted earnings per share in the first year after closing. They’re also anticipating over $15 million in cost synergies within 24 months, with additional revenue synergies potentially on top of that.
The acquisition will be funded through debt—specifically, a $375 million Term Loan A from a five-bank group led by BofA Securities, plus money from Deluxe’s existing credit line. Yes, that means taking on more debt. At closing, Deluxe’s net leverage ratio is expected to hit about 3.9x, but the company says it has a solid track record of paying down debt and expects to get that ratio below 3.0x within two years.
What Happens Next
The deal still needs regulatory approval and has to clear the usual closing conditions. Assuming everything goes according to plan, Deluxe expects to wrap this up in the third quarter of 2026.
For now, Deluxe is sticking with its previously announced 2026 guidance, which doesn’t include any impact from the Celero acquisition. Updated numbers that factor in the deal will come after it officially closes.
BofA Securities is advising Deluxe on the financial side, while Troutman Pepper Locke LLP and Bennett Jones LLP are handling the legal work.
Bottom line? This is Deluxe making a clear statement about where it sees its future—and betting more than half a billion dollars that the future is in payments processing, not checkbooks. Time will tell if the bet pays off, but the strategic logic is pretty straightforward: go where the growth is, get there faster, and bring the scale to compete with the big players.