SAN ANTONIO, Aug. 28, 2017 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated electronic payment solutions provider, is pleased to announce the pending closing of the Singular Payments, LLC acquisition. All parties have reached final terms and closing is scheduled to occur on September 1, 2017.
“We are happy this important transaction has reached the point of closing. This strategic acquisition adds deep payments industry expertise and leadership, while offering expanded distribution capabilities and a nice portfolio of credit card processing customers to Payment Data,” stated Louis Hoch, President and CEO of Payment Data Systems.
Hoch continued adding, “We believe this key acquisition will quickly accelerate the growth potential of our company while broadening our revenue streams. We intend to leverage the proven sales channel and technology platform that Vaden and his team have built to better position Payment Data for the future. We are thrilled to have the Singular Payments team join the PDS family. Our belief is that this acquisition is in alignment with our growth initiatives and strategy, and should provide enhanced value to our shareholders.”
Vaden Landers, CEO of Singular Payments, said, “Our goal has always been to deliver a simplified, revolutionary, and value-centric payment solution to the merchant community. I, along with my entire team, am excited to be joining the Payment Data organization. The combined company will leverage our collective leadership talent, technology, relationships, and market upside to scale quickly and focus on creating value for our trusted partners, the clients with whom we do business, and for our shareholders. We have had a number of significant wins recently on the integrated side of our business, and look forward to the impact each will have once fully migrated into the Payment Data environment.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (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®.