Payment Data Systems, an integrated electronic payment solutions provider, today announced that it has entered into a non-binding Letter of Intent to acquire Singular Payments, LLC (“Singular”).
Singular Payments is a Fintech payments provider that relies upon innovative technology to process payments for merchants in healthcare and other niche verticals nationwide. Singular is primarily focused on custom software integrations of their flat rate payment processing offerings and their proprietary, simple-to-use electronic bill presentment and payment (EBPP) platform which allows merchants to streamline the costly and labor intensive process of invoicing and collection. Singular’s success in sales and marketing has occurred through its team’s vast experience in the payments industry and its innovation in delivering a simple, flat rate pricing model which saves merchants both time and money when accepting credit and debit payments.
Founded in 2009, and led by industry veteran and visionary, Vaden Landers, the company has quickly grown and in 2016, processed over 2.5 million transactions worth over $440 million in transaction dollars.
Louis Hoch, President and CEO of Payment Data Systems stated, “I believe this important acquisition will quickly accelerate the growth potential of our company and broaden our revenue streams. We intend to leverage the proven sales channel and technology that Vaden and his team have built to better position us for the future. We are thrilled to welcome Vaden and his team to the PDS family. We believe this transaction is in alignment with our growth strategy and should provide enhanced value to our shareholders.”
Vaden Landers, CEO of Singular Payments said, “Our goal has always been to deliver a revolutionary, value-added payment solution to the merchant community, and the fact that we’ve recently completed development on, and released, our EBPP platform into healthcare and other bill pay intensive industries, enhances our overall value proposition.” Landers went on to say, “The coming together of Singular Payments and Payment Data Systems will position the combined company to properly leverage our collective leadership talent, technology, client and vendor relationships, and market upside to scale quickly and drive shareholder value.”
Payment Data Systems is represented by the firm Schwartz Heslin Group of New York in conjunction with this transaction.
Singular Payments has agreed to work with Payment Data Systems on an exclusive basis until the transaction is consummated or terminated. Details of the transaction are not being disclosed at this time, but the transaction is contingent on the successful outcome of due diligence and the payment of stock and cash of an undisclosed amount from Payment Data to the shareholders of Singular Payments.