Optimal Payments to Acquire Merchant Card Acceptance

Monday 20 December 2004 16:54 CET | News

The acquisition adds $625 million in annual processing volume and 7,500 merchants

Optimal Payments Inc., a wholly-owned subsidiary of Optimal Group Inc., has entered into an agreement to acquire the operating assets from Merchant Card Acceptance Corp and its affiliated companies, Precision Management Consulting Inc. and Merchant Card Interactive Corp. (collectively, MCA) for approximately US$4.6 million. MCA is an independent sales organization providing Canadian-based merchants with credit card and Interac PIN-based debit card acceptance. Optimal Payments will acquire the operating assets of MCA, which consist primarily of agreements with merchants, employees and suppliers. MCA is based in Toronto, Ontario and has approximately 40 employees across Canada, of whom most are in sales. Robert Morgan, the President and sole shareholder of MCA, will join Optimal Payments and continue to build MCAs merchant portfolio under the Optimal brand. MCAs customer base is focused on retail point of sale merchants. This acquisition is consistent with our announced strategy of growing our sales channels and North American presence through strong organic growth and by acquiring profitable payment processing businesses, commented Mitch Garber, President and Chief Executive Officer of Optimal Payments. Optimal Payments continues to expand its global presence and, with this acquisition, will now have in excess of US$3 billion in annual processing volume. This transaction further enhances Optimals position as one of the few transaction processing companies with the ability to process point of sale and card not present credit cards, checks and debit in the United States, Canada and Europe, concluded Mr. Garber. The closing of the transaction is subject to certain conditions and is expected to occur by January 1, 2005.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce