- Quisitive Technology Solutions (QUIS) is acquiring BankCard USA Merchant Services Inc
- The stock purchase agreement is valued at US$100 million in cash and the issuance of 50,000,000 common shares in the capital of Quisitive
- Quisitive believes the transaction will make it a payment technology leader
- BankCard USA processes over US$3.0 billion of payments annually
- Quisitive Technology Solutions is up 1.82 per cent, trading at C$1.68 per share at 3:19 pm ET
Quisitive Technology Solutions (QUIS) is acquiring BankCard USA Merchant Services Inc.
The stock purchase agreement is valued at US$100 million in cash and the issuance of 50,000,000 common shares in the capital of Quisitive.
Quisitive believes the transaction will vault the company forward, making it a payment technology leader.
BankCard USA processes over US$3.0 billion of payments annually for a diverse client base and has a strong in-house sales force
BankCard is an established all-in-one merchant payment services provider with over US$3.0 billion of payment volume which increased 31 per cent in 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.
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,” said Quisitive CEO Mike Reinhart.
BankCard shareholders have agreed to a 24-month lock-up agreement on the common shares with 25 per cent of common shares released on each 6-month anniversary of the transaction.
Quisitive Technology Solutions is up 1.82 per cent, trading at C$1.68 per share at 3:19 pm ET.