Wakefield-based Primax, a company that designs and supports payment card programs for credit unions and community banks, has been acquired by a Florida-based credit union service organization (CUSO).

Primax was acquired on June 30 by payments organization PSCU, based in St. Petersburg. The terms of the transaction were not disclosed.

CUSOs are built and owned by credit unions. PSCU provides services to 1,500 credit unions and has 900 owners, according to its website. Harvard University Employees Credit Union, Holyoke Credit Union and UMass Five College Federal Credit Union are among those with representatives on PSCU’s board of directors and advisory groups, according to its 2019 annual report.

“We are excited to welcome Primax to the PSCU family,” Chuck Fagan, PSCU president and CEO, said in a statement. “PSCU and Primax share the same commitment to service excellence and a similar relationship-driven culture. PSCU has transformed its business model and evolved from a transactional processor and reseller of a platform partner’s products to an integrated, value-add financial technology solution provider, and we look forward to delivering the benefits of this scale to Primax clients.”

Primax, originally known as the T.K. Keith Co., was founded 40 years ago by Theodore Keith Sr. to manage the New England Bankcard Association. Primax provides services and support to U.S. and Caribbean community banks, credit unions and businesses with payment card programs, including consumer and commercial credit, debit and private label card products.

“PSCU’s substantial resources, end-to-end platform of solutions and services, and commitment to continued investments in innovation will help Primax clients realize their full potential,” Ted Keith Jr., president and CEO of Primax, said in a statement. “PSCU has already developed many of the advancements that Primax clients are seeking, including digital and mobile banking, security and fraud mitigation solutions, business intelligence and data analytics, and expert consulting services to help optimize operations and portfolios.”

PSCU offers payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms.

“Our team is excited to bring their expertise to PSCU, whose values are aligned with our own, and provide significant added value for our clients,” Brad Singer, executive vice president of Primax, said in the statement.