Pipeline Data completes Paynet Systems acquisition
13 July 2006 | 2124 views | 0
Source: Pipeline Data
Pipeline Data Inc. (OTCBB:PPDA) (Pipeline) announced today that it has completed the acquisition of Paynet Systems, Inc., an e-commerce and retail merchant credit card processing provider.
The purchase of Paynet Systems, Inc. along with the recent acquisition of Valadata, Inc. will provide an additional $390,000 in monthly cash flow to Pipeline. Pipeline Data's merchant portfolio now exceeds 40,000 accounts, and new merchant applications are expected to surpass 1,500 monthly.
Commenting on the announcement, Pipeline's Chief Executive Officer, MacAllister Smith stated, "I am very pleased to recognize the significant gains in both the size of our merchant portfolio and in new monthly account formation. In our evolution as a premiere provider of credit card processing services for merchants, these indicators serve as tangible benchmarks of our success in developing shareholder value through our organic growth and acquisition efforts."