Quisitive Acquires BankCard USA
March 29, 2021
Quisitive Technology Solutions Inc. entered into an agreement to acquire BankCard USA Merchant Services, Inc. for US$100 million in cash plus the issuance of 50,000,000 common shares and a potential earn-out of up to US$20 million. BankCard USA, based in Westlake Village, California, processes over US$3.0 billion in payments annually, reported LTM revenue of US$29 million and LTM adjusted EBITDA of US$11 million, and will be integrated into Quisitive's LedgerPay payments platform; the deal is expected to close in Q2 2021 subject to approvals.
- Targets
- BankCard USA Merchant Services, Inc.
- Sellers
- BankCard USA shareholders
- Industry
- Payments & Fintech
- Location
- California, United States
- Transaction Type
- Buyout
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