Payment Data Systems Announces Intent to Acquire Singular Payments, LLC
March 13 2017 - 8:00AM
Payment Data Systems (NASDAQ:PYDS), an integrated electronic
payment solutions provider, today announced that it has entered
into a non-binding Letter of Intent to acquire Singular Payments,
LLC (“Singular”).
Singular Payments is a Fintech payments provider that relies
upon innovative technology to process payments for merchants in
healthcare and other niche verticals nationwide. Singular is
primarily focused on custom software integrations of their flat
rate payment processing offerings and their proprietary,
simple-to-use electronic bill presentment and payment (EBPP)
platform which allows merchants to streamline the costly and labor
intensive process of invoicing and collection. Singular’s
success in sales and marketing has occurred through its team’s vast
experience in the payments industry and its innovation in
delivering a simple, flat rate pricing model which saves merchants
both time and money when accepting credit and debit payments.
Founded in 2009, and led by industry veteran and visionary,
Vaden Landers, the company has quickly grown and in 2016, processed
over 2.5 million transactions worth over $440 million in
transaction dollars.
Louis Hoch, President and CEO of Payment Data Systems stated, “I
believe this important acquisition will quickly accelerate the
growth potential of our company and broaden our revenue
streams. We intend to leverage the proven sales channel and
technology that Vaden and his team have built to better position us
for the future. We are thrilled to welcome Vaden and his team
to the PDS family. We believe this transaction is in
alignment with our growth strategy and should provide enhanced
value to our shareholders.”
Vaden Landers, CEO of Singular Payments said, “Our goal has
always been to deliver a revolutionary, value-added payment
solution to the merchant community, and the fact that we’ve
recently completed development on, and released, our EBPP platform
into healthcare and other bill pay intensive industries, enhances
our overall value proposition.” Landers went on to say, “The coming
together of Singular Payments and Payment Data Systems will
position the combined company to properly leverage our collective
leadership talent, technology, client and vendor relationships, and
market upside to scale quickly and drive shareholder value.”
Payment Data Systems is represented by the firm Schwartz Heslin
Group of New York in conjunction with this transaction.
Singular Payments has agreed to work with Payment Data Systems
on an exclusive basis until the transaction is consummated or
terminated. Details of the transaction are not being disclosed at
this time, but the transaction is contingent on the successful
outcome of due diligence and the payment of stock and cash of an
undisclosed amount from Payment Data to the shareholders of
Singular Payments.
About Payment Data Systems, Inc.
Payment Data Systems (NASDAQ:PYDS), a leading integrated payment
solutions provider, offers a wide range of payment solutions to
merchants, billers, banks, service bureaus, and card issuers. The
Company operates credit, debit/prepaid and ACH payment processing
platforms to deliver convenient, world-class payment solutions and
service to their clients. The strength of the Company lies in its
ability to provide tailored solutions for card issuance, payment
acceptance, and bill payments as well as its unique technology in
the prepaid sector. Payment Data is headquartered in San
Antonio, Texas, and has offices in New York, New York; and Long
Beach, California. For additional information please
visit www.paymentdata.com. Websites:
www.akimbocard.com and www.ficentive.com. Find us
on Facebook®.
About Singular Payments, LLC
Singular Payments, LLC, is the only truly flat rate merchant
services provider offering custom software integrations, electronic
bill presentment and payment through their Singular BillPAY
platform, and credit card processing service to merchants
nationwide. Call (877) 829-2170 for a free software integration
evaluation or merchant services savings analysis. Or visit online
at SingularPayments.com to learn more.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the
matters discussed in this release include certain forward-looking
statements, which are covered by safe harbors. Those statements
include, but may not be limited to, all statements regarding
management’s intent, belief and expectations, such as statements
concerning the acquisition of Singular Payments, our future and our
operating and growth strategy. These forward-looking statements are
identified by the use of words such as “believe,” “intend” and
“expect” among others. Forward-looking statements in this press
release are subject to certain risks and uncertainties inherent in
the Company’s business that could cause actual results to vary,
including such risks related to the closing of the proposed
Singular acquisition, the realization of the anticipated
opportunities from the proposed Singular acquisition, the
management of the Company’s growth, the loss of key resellers, the
relationships with the Automated Clearinghouse network, bank
sponsors, third-party card processing providers and merchants, the
security of our software, hardware and information, and compliance
with complex federal, state and local laws and regulations, and
other risks detailed from time to time in the Company’s filings
with the Securities and Exchange Commission including its annual
report on Form 10-K for the fiscal year ended December 31, 2015.
One or more of these factors have affected, and in the future could
affect our businesses and financial results in the future and could
cause actual results to differ materially from plans and
projections. We believe that the assumptions underlying the
forward-looking statements included in this release will prove to
be accurate. In light of the significant uncertainties inherent in
the forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by us
or any other person that our objectives and plans will be achieved.
All forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law.
Investor Contact:
Allyson Pooley
Financial Profiles
PYDS@finprofiles.com
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