Quisitive Completes Transformational Acquisition of BankCard USA

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 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 team of 40+ members, including a strong insides sales team and customer services and risk management experts, to the Quisitive Payments Solution business. As Quisitive moves to redefine modern payments through a growing suite of merchant and payments solutions, the Company believes this transaction will fuel critical growth.

“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.”