May 2, 2016
Posera completes sale of Zomaron
TORONTO--Posera Ltd, a large provider of software solutions for the hospitality industry, today announced it has completed the sale of all issued and outstanding shares in the capital of its wholly owned subsidiary Zomaron Inc., to a company established by Zomaron's current operating management team.
Consideration for the Zomaron sale is comprised of cash, repayment of intercompany debt and the assumption of negative working capital by the purchaser, resulting in Posera's working capital improving by approximately $4.5 million.
Posera's CEO Loudon Owen said, "The disposition of this non-core asset is a very positive step. Not only does it fortify our balance sheet, but it also enables us to concentrate on growing our core business. Posera will use the proceeds to accelerate its program of SecureTablePay middleware partnerships in the USA, along with the continued expansion of its point-of-sale platforms, MaitreD' and Fingerprints."
For more than 30 years, Posera has been supporting merchant business success in the hospitality industry. Posera manages merchant transactions with consumers and facilitates all aspects of payment transactions. Posera's Maitre 'D and FingerPrints Point-of-Sale ("POS") solutions are trusted by the top fine dining and quick-service hospitality brands around the world.
A TSX company trading under the symbol "PAY", Posera's full service solutions include integrated and non-integrated debit and credit processing, SecureTablePay which is an EMV compliant Pay-At-The-Table application, system hardware integration services, merchant staff training, system installation services, and post-sale software and hardware customer support.
Founded in 2008, Zomaron provides credit and debit card processing solutions, known as Merchant Processing, to merchants in Canada. Through its nationwide network of sales representatives and strategic partnerships, Zomaron has experienced rapid growth and has approximately doubled its merchant count since the Company's acquisition in December of 2013.