Avangate, an eCommerce and subscription billing platform, acquired payment processor 2Checkout.

Avangate CEO Alex Hart will lead the combined company, which will use the 2Checkout name. 2Checkout CEO Ken Benvenuto will continue as a board member and adviser.

Upon the transaction's closing, the new entity will serve more than 8,000 merchants worldwide.

Terms of the deal were not disclosed.

2Checkout is a portfolio company of Chicago Growth Partners and Trident Capital. Avangate is a Francisco Partners portfolio company.