CLIFTON HEIGHTS, Pa., March 20, 2009 (GLOBE NEWSWIRE) -- ProfitPoint, Inc., a leading provider of stored value solutions, and ranked by Inc. Magazine as the 59th fastest-growing privately held company in America, has acquired a portfolio of merchant processing customers from Louisville, KY-based ISO, ePayment Consultants (ePC).
Primarily known as a leading provider of gift and loyalty card services within the merchant marketplace, ProfitPoint specializes in all forms of non-cash payment products and services. The acquisition of this merchant portfolio serves to significantly enhance ProfitPoint's position as a merchant acquirer, pushing its total dollar volume of Visa and MasterCard sales processed to nearly $1 billion. The newly acquired clients will immediately benefit from this transaction by way of ProfitPoint's extensive suite of value-added products and services.
Commenting on the acquisition, ProfitPoint, Inc. CEO Vaden Landers, said "This acquisition reinforces our commitment to expanding the business, especially at a time when many players in the payment space are in a 'wait and see' mode. We believe that in this economy, there is a unique growth opportunity for companies that have access to capital and can effectively pursue and close strategic acquisitions. We are an active buyer, and to that end, are pursuing other possible transactions including merchant acquiring, stored value, and point-of-sale software companies."
ePayment Consultants CEO, Paul J. Nee, said "Our decision to sell this merchant portfolio was fueled in large part by a desire to make adjustments to our business model. We were also looking for an effective way to raise working capital so that we can focus our energies on developing a few niche markets and expanding our existing bank partnerships. The deal with ProfitPoint afforded us the opportunity to cost-effectively accomplish these goals and to position ourselves for future growth."
Details of the transaction were not disclosed.
About ProfitPoint, Inc.
ProfitPoint, Inc. is a leading provider of gift and loyalty card services to the small to medium sized merchant community. In 2008 Inc. Magazine ranked ProfitPoint No. 59 on its annual ranking of the 5,000 fastest-growing private companies in America with three-year sales growth of 2,642.0%. Having its corporate headquarters near Philadelphia, PA, and customer care center in Franklin, TN, ProfitPoint supports its gift and loyalty cards with point-of-purchase accessories, real-time electronic transaction processing and customizable reports for each merchant. ProfitPoint specializes in the design and production of custom gift and loyalty cards, software capability and merchant education to meet each individual client's needs. Now serving more than 20,000 merchant locations nationwide, ProfitPoint produces in excess of fifteen million cards per year and does more than ten million stored value transactions on its proprietary gift and loyalty card platform. For more information, visit www.rewardforloyalty.com.
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About ePayment Consultants
ePayment Consultants (ePC) operates nationwide and in Canada as a provider of innovative payment and reporting solutions designed to reduce the expense associated with authorizing and settling daily credit card, debit card, checks, and gift cards. ePC's progressive approach enables its customer base of merchants, businesses, government agencies, national and regional associations, banks and credit unions to become more efficient with monthly savings which results in significant annualized reductions. ePC's electronic payments network provides processing services and payment product platforms including consumer credit, debit, prepaid and commercial payments. For more information, visit www.epctoday.com.