Pivotal Payments happy with 2010 mid-year results
MONTREAL--Pivotal Payments, one of North America's fastest growing payment processors, announced their 2010 semi-annual results exceeded expectations in a variety of key indicators including Adjusted EBITDA, net revenues after commissions, sales volume, and merchant outlets.
For the first six months of 2010, net revenues after commissions grew by US$4.27MM and EBITDA by US$2.49MM. Over the same period in 2009, Proforma EBITDA grew US$3.705 million. Pivotal's management expects to increase EBITDA from 2009 to 2010 by US$9 million. 2010's stellar performance is attributed to organic growth from sales channels in both Canada and the United States, which currently include over 1000 external partners. As Pivotal continues to invest in its sales channels, investments made in previous years produced strong results in the current year.
2010 highlights include:
Acquired the assets of Merchant Management Systems in the US
Acquired the assets of Vizex Payment Systems in Canada
Continued integration of five acquisitions in 2009 and 2010
Sales processing volume increased by US$1.7 billion compared to the same six month period of 2009
Continued improvement in operating margins
"We are delighted with our results and the successful integrations of our acquisitions in 2010. Pivotal is pleased to be able to pick up excellent seasoned professionals and external partners as we grow our business," said Philip Fayer President and CEO of Pivotal Payments. "We will remain inquisitive in regards to strategic opportunities across North America and abroad with an eye to continuing our pace of growth and disciplined expansion of our sales channels. We anticipate an even stronger second half."
Pivotal Payments is a leading provider of merchant services such as credit and debit card processing, electronic check conversion, merchant cash-advance programs, loyalty/gift card programs, and terminal management solutions. The company provides these services to small and mid-sized retail businesses, mail order/telephone order merchants, e-commerce, chain stores, franchises, restaurants and dealerships. With offices across North America, Pivotal Payments has grown to over 300 employees and over 1000 agents. It has customers in the USA and Canada and processes over US$8 billion in annual volume.