Transformative Transaction for Quisitive’s LedgerPay Payment Solutions Subsidiary
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- Acquisition of BankCard USA establishes Quisitive as a payment technology leader
- Strong alignment with Quisitive’s Payments Solutions business plan and LedgerPay growth strategy
- BankCard USA processes over US$3.0 billion of payments annually for a diverse client base and has a strong in-house sales force
- LTM Revenue of US$29 million and LTM Adjusted EBITDA of US$11 million for the 12-month period ended September 30, 2020
- Expected to provide meaningful synergies
Quisitive Technology Solutions Inc. a premier Microsoft Solutions Provider, is pleased to announce that it has entered into a stock purchase agreement dated March 29, 2021 (the “Agreement”) to acquire BankCard USA Merchant Services, Inc. (“BankCard”) for US$100 million in cash and the issuance of 50,000,000 common shares in the capital of Quisitive (the “Transaction”).
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BankCard, an arm’s length party to Quisitive, is an established all-in-one merchant payment services provider with over US$3.0 billion of payment volume which increased 31% in 2020. BankCard USA has a seasoned payments industry management team, strong in-house sales team, deep risk management program and attractive recurring revenue model with card-not present volume representing approximately 70%. The acquisition of BankCard will serve as a growth catalyst for Quisitive’s LedgerPay payment processing and payments intelligence™ platform. BankCard has trailing-twelve months revenue of US$29 million and EBITDA of US$11 million as of September 30, 2020.
“The addition of BankCard USA to the Quisitive Payments Solutions family will bring our vision to life by combining a high-powered sales organization, robust risk management, and quality customer service with our innovative fintech platform, LedgerPay” said Quisitive CEO Mike Reinhart. “It is partnerships like these that elevate a great product to industry-wide transformation. I am proud to say that with the addition of BankCard USA, Quisitive Payments Solutions will have the team, the technology, and the strategic vision in place to redefine modern payments at scale.”
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“Bankcard USA is proud to join the Quisitive team and make an impact by integrating our go-to-market strategies and the strength of our sales organization with their fintech payments platform, LedgerPay, as it goes to market,” said BankCard USA CEO Shawn Skelton. “We also bring a deep history in merchant services that will guide Quisitive Payments Solutions to take a white-glove approach, providing unique, high-value payment services to their customers, as Bankcard USA has for many years.”
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