Jan. 5 , 2010

Pivotal Payments completes acquisition of POS Card Systems, National Credit Card Processing from Vision Bankcard

MELVILLE, NY--Pivotal Payments announced today that they have completed the acquisitions of POS Card Systems and National Credit Card Processing, both divisions of Orem based Vision Bankcard, Inc. These acquisitions increase Pivotal Payments' merchant portfolio to 40,000 merchants and will add over 30 independent sales agents and 120 agent bank branches to its expanding sales channels.

Pivotal Payments has to date completed six acquisitions and grown to over 280 employees and 600 sales agents. The company now services over 40,000 merchants in both the U.S. and Canada and processes over $7 billion in annual transaction volume. Goldman Sachs is Pivotal's primary financial partner and was the exclusive provider of acquisition financing for this transaction.

"Pivotal is pleased to end the year on this positive note," said Philip Fayer, President and CEO of Pivotal Payments. "This acquisition will add to our strong organic growth and will increase our presence in the U.S. Pivotal will maintain both the offices of acquired divisions in Redwood City, California and Novi, Michigan and would like to welcome these Vision employees to the Pivotal family."

"We are very happy with the transaction with Pivotal. We are confident that we delivered value for our shareholders while assuring the long-term growth and success of our employees and sales agents," said Vision Bankcard, Inc President Jeff Knowles.

 

 

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