SAN ANTONIO, March 13, 2017 (GLOBE NEWSWIRE) -- 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
Source:Payment Data Systems, Inc.