Fifth Third Acquires DTS Connex for Cash Management Solutions

Fifth Third has acquired DTS Connex, a cash management software solutions provider for multi-location businesses. Financial terms of the transaction were not disclosed. As of August 1, DTS Connex became a wholly owned subsidiary of Fifth Third, but will continue to operate independently. The acquisition aims to enhance Fifth Third's cash management capabilities and expand its presence in the market.

Fifth Third Bank has announced its acquisition of DTS Connex, a leading provider of cash management software solutions for multi-location businesses such as retailers, restaurants, and healthcare providers. The acquisition, effective as of August 1, will see DTS Connex become a wholly owned subsidiary of Fifth Third, while continuing to operate independently. The financial terms of the transaction were not disclosed.

The acquisition aims to bolster Fifth Third's cash management capabilities, with DTS Connex's technology solutions addressing the complex needs of clients seeking to enhance efficiency, transparency, and oversight in cash logistics management. DTS Connex's expertise in cash management software will complement Fifth Third's existing cash processing business, which has been at the forefront of industry innovation for over 15 years.

Bridgit Chayt, head of Commercial Payments at Fifth Third, stated, "Within Commercial Payments, we’ve built a robust cash processing business that strengthens client relationships beyond traditional payment services. This acquisition expands our ability to automate cash operations and fosters deeper collaboration across the cash ecosystem through advanced data sharing. The DTS Connex team brings unmatched expertise, technology, and scale, empowering us to deliver more integrated, innovative service solutions to our clients and the industry."

The acquisition follows Fifth Third's recent strategic integrations of payments technology solutions. In May 2023, the Bank acquired Big Data Healthcare LLC and Rize Money, Inc., and launched Newline™ by Fifth Third, a platform delivering modern technologies for seamless embedding of financial services into client platforms. Stripe has since selected Newline to power Stripe Treasury, expanding its embedded financial services.

Lou Salafia, founder and CEO of DTS Connex, praised Fifth Third's focus on client experience and strong partnerships. "Its focus on the client experience is clear, and I deeply value the expertise and strong partnerships its team will bring to the table."

This acquisition positions Fifth Third to strengthen its market presence and enhance its service offerings, aligning with its commitment to innovation and client-centric solutions.

References:
[1] https://www.nasdaq.com/press-release/fifth-third-announces-acquisition-dts-connex-adding-scale-innovation-cash-management