US Bancorp has purchased Talech, a Palo Alto-based company whose point-of-sale software platform helps business perform order management, inventory and staff reporting, customer management, business analysis, and payment processing.
The deal was closed on September 9.
Over the past 12 years, Talech has built up a customer base of more than 8,000 restaurants, retailers, and service companies representing more than $2.3 billion in annual processing volume.
US Bancorp has a history of significant acquisitions over the past two years, each intended to boost the diversity and quality of bank services. The bank is particularly interested in boosted its digital expertise while ensuring a high-quality experience for customers.
A new team under the leadership of chief digital officer Derek White helped coordinate the purchase. White says the bank’s acquisitions are part of an effort to be in sync with the banking sector’s shift toward digitalization. The bank is studying ways digital technology might help customers access bank services more effectively. The team says the study could well result in additional tech acquisitions.
US Bancorp has established an ambitious blueprint on how to create a good customer experience, White says. The company will do it by implementing strategic acquisitions that will help their ideas move with speed and scale.