21 October 2017
visit www.response.ncr.com

LML completes buy out of Beanstream Internet Commerce

02 July 2007  |  1760 views  |  0 Source: LML Payment Systems

LML Payment Systems ("LML") (NasdaqCM:LMLP), a leading provider of financial payment processing solutions for e-commerce and traditional businesses, announced today that it has completed its acquisition of Beanstream Internet Commerce ("Beanstream"), a leading provider of authentication and Internet payment processing solutions based in Victoria, BC.

The acquisition strengthens LML's position as a financial payment processor by expanding its suite of payment processing solutions and allowing the Corporation to develop a leadership position in credit card processing, electronic funds transfer, automated clearinghouse payment processing and authentication services for both e-commerce and traditional businesses.

Beanstream processes over 1.5 million transactions per month, and its scalable business model is capable of supporting a significant increase in daily transaction volume with minimal incremental capital cost. As an established major payment service provider, Beanstream will allow LML to broaden the scope of its current market while offering current customers a more comprehensive line of payment processing solutions.

"We look forward to taking advantage of the Internet payment processing opportunities that Beanstream's profitable business model has presented us with," said Patrick H. Gaines, President and Chief Executive Officer of LML. "Beanstream's products broaden our suite of payment processing solutions, enabling us to develop a leadership position in credit card processing, electronic funds transfer, automated clearinghouse, credit store and authentication services."

"As we previously mentioned, our companies fit extremely well together, having complementary business strengths and similar operating cultures," said Craig Thomson, President and Chief Executive Officer of Beanstream. "We will enjoy greater market recognition and gain access to a broader pool of resources by becoming part of publicly held LML, which will allow us to further execute our business model and enable our customers to have more choices, flexibility, and cost-effectiveness in their payment processing solutions."

Pacific Crest Securities Inc. acted as the exclusive financial advisor to LML Payment Systems Inc., and PricewaterhouseCoopers Corporate Finance Inc. acted as the exclusive financial advisor to Beanstream Internet Commerce Inc. on this transaction.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10214 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
9434 views comments | 17 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8991 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8077 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7788 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job