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TORONTO, May 07, 2021 (GLOBE NEWSWIRE) — Further to its news releases dated March 29 and April 8, 2021, Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Cloud Services and Payments Solutions Provider, announces the closing of its acquisition (the “Transaction”) of BankCard USA Merchant Services (“BankCard”), an established all-in-one merchant payment services provider. The Transaction was previously announced on March 29, 2021.
The successful 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 2020 unaudited revenue contribution and unaudited adjusted EBITDA of $11.3M, BankCard aligns with Quisitive’s inorganic growth strategy and adds to the financial strength of the Company. With the impending full commercialization of LedgerPay, slated for the summer of 2021, this Transaction augments the business with a robust merchant portfolio, a team of payments experts, and additional synergies.
BankCard also delivers valuable payments IP to the Quisitive portfolio. AgeChecker is a software solution that provides independent online age verification and significantly boosts security authentication for age-restricted purchases. This…