Payment Data sees Singular Payments immediately contributing $10M+ in revenue
Payment Data Systems announced that the acquisition of Singular Payments, LLC was finalized on September 1, 2017. The transaction will add over 1,200 new merchant customers, which are primarily health care related, and over $500M in annual payment processing volume to Payment Data Systems. "We expect Singular to immediately contribute over $10M in annualized revenue to Payment Data Systems. The result should cause Payment Data Systems to record all-time high revenues in Q4, and a 10%-15% increase in revenues in Q3 as compared to the same period in 2016." Payment Data Systems acquired Singular with a combination of cash generated from operations and common stock, for a total consideration of $5M. The total cash consideration was $1.5M which included $600,000 for the repayment of the Singular note that was due to Payment Data Systems. The stock consideration was 1,515,152 shares of common stock of the Company valued at $3.5M or $2.31 a share. The stock is subject to a minimum lock-up period of 24 months.