- BankCard is an established all-in-one merchant payment services provider
- With annual transaction volumes of $3B across 7,000 merchants yielding $31.4M in revenue, BankCard adds to Quisitive Technology’s financial strength
- BankCard also delivers valuable payments IP to the Quisitive portfolio
- The escrow release conditions were satisfied and the net proceeds from the subscription receipt financing were released to Quisitive
- BankCard has approximately 7,000 merchants on its payment processing platform and is rapidly growing its software solution, AgeChecker
- Quisitive (QUIS) is a global payment solutions provider
- Quisitive Technology Solutions Inc. (QUIS) is up 2.16 per cent, trading at C$1.89 per share at 4:30 pm ET
Quisitive Technology Solutions Inc. (QUIS) has completed its acquisition of BankCard USA Merchant Services.
BankCard is an established all-in-one merchant payment services provider.
The acquisition of BankCard is expected to be transformational for Quisitive’s Payment Solutions business.
With annual transaction volumes of $3B across its portfolio of 7,000 merchants yielding $31.4M in revenue and adjusted EBITDA of $11.3M, BankCard adds to Quisitive Technology’s financial strength.
BankCard also delivers valuable payments IP to the Quisitive portfolio. BankCard’s AgeChecker is a software solution that provides independent online age verification and significantly boosts security authentication for age-restricted purchases. This will be a powerful asset in conjunction with Quisitive LedgerPay’s top-of-the-line information security practices and advanced ISO certifications.
BankCard will integrate its inside sales, customer service and risk management experts with the Quisitive Payments Solution business.
“Our team is proud to be joining Quisitive at this major inflection point, as they turn the corner into the full commercialization of LedgerPay and launch what is going to be a major industry innovation. We look forward to supporting them in this journey with our expertise and IP, as well as having the opportunity to offer LedgerPay to our diverse customer base,” said BankCard USA CEO Shawn Skelton.
Mike Reinhart CEO of Quisitive added,
“When we set our vision for Quisitive Payments Solutions, we knew we wanted to find a strategic ISO partner to bring into the fold to augment our team and bolster our payments operations. BankCard USA is a synergistic fit because they align with our bold vision for the future of payments while bringing a deep history of excellent customer service and established operations. This acquisition was an essential part of our journey, but its impacts will be novel, not just for Quisitive, but for the entire industry.”
In connection with this transaction, the escrow release conditions were satisfied and the net proceeds from the subscription receipt financing were released to the company. The proceeds were used to partially fund the cash portion of the transaction. Each subscription receipt was automatically converted into one share of Quisitive Technology. The company expects that the subscription receipts will be delisted from the TSXV after the close of markets on Monday, May 10, 2021.
BankCard USA Merchant Services Inc. is a leading independent merchant services provider that offers all-in-one payment processing solutions to merchants located in the United States.
BankCard has approximately 7,000 merchants on its payment processing platform and is rapidly growing its software solution called AgeChecker, which provides a secure and trusted technology for eCommerce transactions that require independent online age verification. Based in Westlake Village, CA, BankCard USA was formed in 2004 and has over 40 employees.
Quisitive (QUIS) is a global payment solutions partner that offers custom solutions and first-party offerings, to enterprise customers.
Quisitive Technology Solutions Inc. (QUIS) is up 2.16 per cent, trading at C$1.89 per share at 4:30 pm ET.
