FinTech Acquisition Corp. (FNTC) today announced that it completed the acquisition of CardConnect® LLC, a payment processing and technology solutions provider, on July 29, 2016.
The transaction was approved by a vote of FinTech’s shareholders on July 28, 2016. FNTC’s Board of Directors had previously approved the transaction and recommended that FNTC’s stockholders vote in favor. CardConnect’s Board of Directors and stockholders had also previously approved the transaction.
With the closing of this transaction, CardConnect has become a wholly-owned subsidiary of FinTech Acquisition Corp., and FinTech has been renamed CardConnect Corp.
Its common stock will begin trading on August 1, 2016 on the NASDAQ under the symbol “CCN”.
CardConnect is an innovative and rapidly growing payment technology company, providing secure payment solutions to large enterprises and small to medium sized businesses. Its comprehensive platform for SMBs, CardPointe, offers mobile, terminal and integrated payment solutions with a full-service online management system. CardSecure®, a gateway integrated with the Oracle, SAP and JD Edwards ERP systems, secures transactions through data breach protection and PCI scope reduction. CardConnect also offers card-present and card-not-present PCI-validated point-to-point encryption (P2PE), and its patented tokenization engine surpasses the industry’s increasing security requirements.
Betsy Cohen, previously the chairman of the board of FinTech and a current member of the board of CardConnect, commented, “I am absolutely delighted with this merger and to be a part of the beginning of CardConnect’s new life as a public company. Chief Executive Officer Jeff Shanahan and his skilled and experienced management team have a strategy and plan to leverage this new platform to rapidly grow CardConnect in this large and fragmented market and in the process create value for its shareholders. I am thrilled to be part of what I believe will be one of the most exciting companies in a dynamic industry.”
Jeff Shanahan, President and Chief Executive Officer of CardConnect, stated, “We are extremely excited to have transitioned CardConnect to become an independent, public company. This merger creates opportunities for us to grow in many ways – from engaging with even more businesses to solve their evolving payment acceptance needs, to continuing to attract a talented and passionate team, and pursuing strategic, accretive acquisitions. Everyone at CardConnect looks forward to expanding our franchise by helping merchants of all sizes and creating value for our shareholders.”
Mr. Shanahan leads an experienced CardConnect management team, all of whom have extensive backgrounds in the electronic payments industry, including Chuck Bernicker, Chief Financial Officer, Patrick Shanahan, Chief Operating Officer, and Abe Marciano, Chief Information Officer, who recently joined the company from Braintree Payments. For more information on the CardConnect management team, visit investors.cardconnect.com.