Excel Corporation, a provider of financial and transaction processing services to merchants across the US, said that its newly created subsidiary, eVance Processing, has purchased all of the US assets and operations of Calpian, a global payments processor.
The acquisition comprises Calpian subsidiaries including Calpian Commerce, Calpian Residual Acquisitions as well as all of Calpian’s US merchant residual portfolios, including about 4,000 merchants.
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However, the deal will not include any of Calpian’s India-based assets, including its Money-on-Mobile business.
Under the terms of the deal, eVance will buy the US operations of Calpian in return for the assumption of $9m in debt and the issuance of warrants to purchase 6.0 million shares of Excel common stock.
Excel president and CEO T. A. "Kip" Hyde said: "This transaction marks an important step in Excel’s overall development and adds significant scale and depth to our merchant services capabilities. We are pleased to welcome Calpian’s operations team, their channel partners and valued customers to the Excel family.
"Over the next year, we expect to generate increased margins by combining the processing and technology capabilities of eVance’s wholesale operations with our retail sales engine at Securus, while also adding new ISO and other channel partners to the platform. This transaction is transformative for us as we continue to execute our growth plan for Excel," Hyde added.
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