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The Boston-based payment technology company Cayan is set to be acquired by Georgia-based TSYS in a deal worth more than $1 billion, the companies said in a statement Monday. Cayan, which was formerly called Merchant Warehouse, was founded in 1998. It said it works with more than 70,000 merchants, and makes software to support checkout systems and other point-of-sale technology for retailers.

TSYS, which said it processed more than 25.5 billion transactions last year and works with about 650,000 merchants, said in a news release that the acquisition will help build its business with small and medium-sized firms.

The companies said the deal is expected to close early next year.

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Andy Rosen can be reached at andrew.rosen@globe.com. Follow him on Twitter at @andyrosen.