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iPayment Holdings, Inc. and iPayment, Inc. Announce Closing of Refinancing and Borrowing for Acquisition of Leaders Merchant ServicesWESTLAKE VILLAGE, Calif., Nov. 21, 2017 /PRNewswire/ -- iPayment, Inc., a trusted provider of payment and processing solutions for small and medium-sized businesses (SMBs), today announced the closing of its refinancing on existing term loans and incremental borrowing, the proceeds of which will be used to partially fund the acquisition of Leaders Merchant Services (Leaders), a California-based independent sales organization (ISO) specializing in credit and debit card processing and point-of-sale solutions for SMBs.
"With this refinancing and subsequent acquisition of Leaders, iPayment will benefit from an immediate expansion of its portfolio and a new, valued based and highly-efficient direct sales operation that specializes in point-of-sale (POS) and business solution sales, leading with the Clover® suite of point-of-sale products," noted Robert Purcell, Chief Financial Officer, iPayment, Inc. "iPayment will also capitalize on numerous business synergies resulting from the acquisition of Leaders that will yield incremental value." Founded in 2000, Leaders is a highly experienced ISO well recognized and respected in the payments space, specifically the SMB segment. They became a registered ISO partner of iPayment in 2004. Leaders has achieved impressive success in the payments industry, seeing double digit growth in processing volume each of the past three years. Leaders also has its own proprietary customer relationship management (CRM) system that has helped the company achieve above average customer retention levels. "When we were first apprached about this potential opportunity, we were immediately interested as we've worked with the Leaders team since 2004," commented OB Rawls IV, CEO and President, iPayment, Inc. "This type of reinvestment in growth by our owners demonstrates their commitment in the management team and our partners. We've considerably strengthened our balance sheet, which permits these types of investments, not only today, but in the future as well." "After a mutually beneficial 14-year partnership with iPayment, we're excited to now officially be part of the iPayment family," commented Brandon Wolfe, President, Leaders Merchant Services. "This deal allows Leaders to accelerate our growth and continue to invest more in resources and products to help our SMB customers and our sales teams. We're looking forward to working with the great team at iPayment to bring more value in and around payments to our customers, agents, and prospects." This combined strength gives Leaders opportunities to quickly and efficiently accelerate its growth trajectory while continuing to expand its value proposition, service and product suite as part of a larger organization with incremental resources and tools. Leaders will continue to operate as a standalone business, now under the iPayment family of companies, which also includes Petroleum Card Services and National Bank Services. Financial details related to the acquisition will not be disclosed. About iPayment About Leaders Merchant Services
View original content with multimedia:http://www.prnewswire.com/news-releases/ipayment-holdings-inc-and-ipayment-inc-announce-closing-of-refinancing-and-borrowing-for-acquisition-of-leaders-merchant-services-300559870.html SOURCE iPayment, Inc. 
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