Quisitive Announces Sale of PayiQ

TORONTO, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS, OTCQX: QUISF), a premier Microsoft solutions provider and payments solutions provider, announced that it has entered into a definitive stock purchase agreement dated November 28, 2023 with Fulcrum IT Partners (“Fulcrum”) pursuant to which Quisitive has agreed to sell its LedgerPay, Inc (“PayiQ”) subsidiary which includes the PayiQ cloud-enabled payment processing platform, operations and team (the “Transaction”). The details of the Transaction are set forth in a definitive share purchase agreement between the Company, a wholly-owned subsidiary of the Company, and a wholly-owned subsidiary of Fulcrum (“Fulcrum Payments”), that was negotiated at arm's length. Completion of the Transaction is subject to a number of standard conditions and is expected to close on or about December 31, 2023.

Fulcrum and its related companies are leaders in the IT services and solutions industry with operations throughout North America and Europe. Fulcrum, a private holding company, specializes in investing in companies poised for significant growth and industry leadership through organic expansion and strategic consolidations. The planned divestiture opens doors for PayiQ's platform to rapidly advance towards commercialization. The Transaction leverages Fulcrum’s substantial resources and its strong retail industry customer relationships, providing PayiQ with avenues for growth, including payments-focused mergers and acquisitions. The longstanding history and existing rapport between key leaders of Fulcrum and Quisitive, coupled with Fulcrum’s profound expertise and relationships, position them as the ideal catalysts to spearhead the next stage of the PayiQ business, ensuring rapid growth and uncovering new opportunities.

Moving forward, Quisitive will forge a close strategic alliance with Fulcrum to support the commercialization of PayiQ as well as leverage Quisitive’s partnership with Microsoft, and the Company’s Microsoft IT solutions capabilities, creating incremental synergies between Fulcrum’s IT Services companies and Quisitive’s Cloud Solutions business. Additionally, Quisitive will provide transition support services for a period of time, including IT, finance and human resources to assist with Fulcrum’s PayiQ commercialization efforts.