Acquisition – On August 6, 2025, we acquired certain assets of JPMorgan Chase Bank’s CheckMatch electronic check conveyance service business for cash payments totaling $25,000, half of which was paid at closing and the remainder to be paid in the first quarter of 2026. The acquisition is expected to enhance our market position and extend the scale of our B2B Payments segment. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed is currently being finalized.

Divestitures – In recent years, we decided to exit certain businesses and dispose of other assets. We believe these actions have enabled us to concentrate our resources on our growth businesses, while optimizing our operations.

In September and December 2023, we executed agreements to transition our U.S. and Canadian payroll and human resources services customers to other service providers. The recognition of income from this business exit was based on the timing of customer conversion and retention activities, which were substantially completed during 2024. The remaining cash proceeds from this business exit were received during the quarter ended March 31, 2025. The results of this business are reported as All other in Note 13.

Business exits and asset sales were as follows for the six months ended June 30, 2025 and June 30, 2024:


(in thousands)	Gain on sale of businesses and long-lived assets		Proceeds from sale of businesses and long-lived assets
Six months ended June 30, 2025:
Payroll and human resources services business	$	—	$	1,968

Six months ended June 30, 2024:
Payroll and human resources services business	$	22,982	$	4,738
Small business distributor customer list(1)	1,000		—
Total	$	23,982	$	4,738