Optimal Payments to Acquire Merchant Card Acceptance21 December 2004
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 MCA's merchant portfolio under the Optimal brand. MCA's 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 Optimal's 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.
About Optimal Group Inc.
Optimal Group Inc. is a leading payments and services company with operations throughout North America and the United Kingdom. Through Optimal Payments, we provide technology and services that businesses require to accept credit card, electronic check and direct debit payments. Optimal Payments processes credit card payments for internet businesses, mail-order/telephone-order and retail point-of-sale merchants, as well as processing checks and direct debits online and by phone. Through Optimal Services Group, we provide depot and field services to retail, financial services and other third-party accounts.
Source: Business Wire
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