On Monday, JP Morgan Chase & Co. (NYSE: JPM) announced an agreement to acquire Renovite Technologies for an undisclosed amount. Renovite is a cloud -native payments technology company.
This acquisition is expected to help JP Morgan’s payments division build its next-generation platform for merchant acquisition, “bolster the firm’s payments modernization strategy and support its journey to the cloud.”
Renovite is expected to become a part of JP Morgan’s payments business after the close of the acquisition.
Max Neukirchen, Global Head of Payments & Commerce Solutions at JP Morgan commented on the acquisition, “We are excited to acquire Renovite and accelerate our roadmap for helping our clients stay at the cutting-edge of payments innovation. This acquisition will help us achieve our goal to develop the next-generation payments processing platform globally.”
Is JP Morgan Stock a Good Buy?
Wall Street analysts are cautiously optimistic about JPM with a Moderate Buy consensus rating based on 10 Buys, seven Holds and one Sell.
JPM’s average price prediction of $139.39 implies that the stock has an upside potential of around 16.9%.