Quisitive Acquires BankCard USA

TORONTO, May 07, 2021 (GLOBE NEWSWIRE) — Further to its news releases dated March 29 and April 8, 2021, Quisitive Technology Solutions Inc. (TSXV: QUIS), a premier Microsoft Cloud Services and Payments Solutions Provider, announces the closing of its acquisition of BankCard USA Merchant Services, 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.”

In connection with closing of the Transaction, the escrow release conditions in respect of an aggregate of 41,743,333 subscription receipts (the “Subscription Receipts”) of the Company issued on April 8, 2021 at a price of $1.50 per Subscription Receipt (the “Subscription Receipt Financing”) were satisfied and the net proceeds from the Subscription Receipt Financing were released to the Company which were used to partially fund the cash portion of consideration payable under the Transaction. Each Subscription Receipt automatically converted today into one share of the Company for no additional consideration. Trading in the Subscription Receipts has been halted on the TSX Venture Exchange (“TSXV”) and the Company expects that the Subscription Receipts will be delisted from the TSXV after the close of markets on Monday May 10, 2021.

About BankCard
BankCard USA Merchant Services, Inc. is a leading independent sales organization/merchant services provider that offers all-in-one payment processing solutions to merchants located in the United States. As a registered and full-acquiring ISO/MSP, BankCard has approximately 7,000 merchants on its payment processing platform and is rapidly growing its software solution called AgeChecker, which provides a secure and trusted technology for ecommerce transactions that require independent online age verification. Based in Westlake Village, CA, BankCard USA was formed in 2004 and has over 40 employees.

About Quisitive:
Quisitive (TSXV: QUIS) is a premier, global Microsoft partner that harnesses the Microsoft platform and complementary technologies, including custom solutions and first-party offerings, to generate transformational impact for enterprise customers. Our Cloud Solutions business focuses on helping enterprises move, operate, and innovate in the three Microsoft clouds. Centering on our LedgerPay product suite, our Payments Solutions business leverages the Microsoft Azure cloud to transform the payment processing industry into an entirely new source of customer engagement and consumer value. Quisitive serves clients globally from ten employee hubs across the world. For more information, visit www.quisitive.com and follow @BeQuisitive.