Quisitive Sells BankCard USA to BUSA Acquisition Co.
March 27, 2024
Quisitive Technology Solutions has entered into an agreement to sell its BankCard USA Merchant Services business to BUSA Acquisition Co., a Nevada entity backed by a consortium of BankCard employees and third‑party investors, for US$40.0 million plus other consideration and settlement of prior earnout obligations. The transaction is a divestiture intended to simplify Quisitive into a pure‑play Microsoft Cloud and AI provider, reduce debt and improve its pro forma adjusted EBITDA; the acquiror secured senior secured financing from WhiteHorse Capital to fund the deal.
- Buyers
- BUSA Acquisition Co., BUSA Holdings Corp., Elmcore Group, Inc., Shawn Skelton, Scott Hardy, Jason Hardy
- Targets
- BankCard USA Merchant Services, Inc.
- Sellers
- Quisitive Technology Solutions Inc.
- Industry
- Payments & Fintech
- Location
- California, United States
- Transaction Type
- Divestiture
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