Deluxe, the historic check‑book maker, agreed to buy payment‑processor Celero Commerce for $625 million in cash. The transaction, expected to be disclosed Thursday, values the deal against Deluxe’s roughly $1.05 billion market capitalization. Celero, owned by private‑equity firm LLR Partners, will become the newest addition to Deluxe’s expanding portfolio of digital services. The cash deal also removes existing debt.

Founded over a century ago and credited with inventing the pocket checkbook, Deluxe has been pivoting toward electronic payments under CEO Barry McCarthy. While paper checks still generate profit, Federal Reserve data shows usage slipping among large firms. Celero, based in Nashville, posted more than $200 million in revenue for 2025, serving small and midsize merchants. These figures underline Celero’s rapid growth trajectory.

The acquisition gives Deluxe immediate access to Celero’s processing platform and client base, positioning the company to cross‑sell its data tools to thousands of SMBs. At a purchase price equal to roughly 60 % of Deluxe’s market value, the deal represents a sizeable bet on digital growth as check volumes wane. Shareholders now see a clear path to replace declining check revenue with recurring processing fees. Management expects the integration to be completed within twelve months, preserving cash flow.