CHICAGO, IL, September 18, 2008 – Moneris Solutions, one of North America's leading payment processors, announced today that it has signed an agreement to acquire the assets of Humboldt Merchant Services, one of the US' largest independent sales organizations (ISOs). Humboldt Merchant Services has over 18,000 merchants in its portfolio and processes nearly $2.5 billion in bankcard volume annually. The acquisition is subject to regulatory approval and is expected to close by the end of the year.
The acquisition will substantially increase Moneris Solutions' US business. It also strengthens Moneris US' presence on the West Coast and provides additional distribution, products and sales expertise. "Acquiring Humboldt Merchant Services fits perfectly with our overall US growth strategy," said Greg Cohen, president, Moneris Solutions US. "Not only will the acquisition add over 18,000 merchants to our portfolio, but it will provide us new sales and distribution channels that will substantially expand our reach."
Additionally, the acquisition will include Humboldt's operations, infrastructure and team members. "This is a major acquisition for Moneris," said Jim Baumgartner, CEO of Moneris Solutions. "Humboldt Merchant Services is one of the industry’s largest ISOs and we will instantly increase our US presence. The management team and employees will be a tremendous asset to Moneris. Their industry, operations, and market expertise will make us an even stronger organization."
Founded in 1993 and based in Eureka, CA, Humboldt Merchant Services is one of the largest ISOs in the United States. Humboldt Merchant Services focuses on serving the payment processing needs of small and mid-sized businesses from diverse market segments. Its base of 18,000 merchants is spread throughout the US, but concentrated in the West and Southwest. The company also has a strong ISO/Reseller program.
"We are extremely excited about becoming part of Moneris Solutions," said Ken Musante, president, Humboldt Merchant Services. "Moneris is one of North America's largest, most successful payment processors. Everyone here is thrilled to become part of such a dynamic organization."
About Moneris Solutions:
Moneris Solutions, Inc. is part of one of North America's largest processors of credit and debit cards, ACH payments, electronic checks, e-commerce solutions and gift card programs. Moneris Solutions Corporation serves more than 350,000 North American merchant locations and has a staff of over 1,700 employees. Moneris Solutions US' headquarters are located just outside of Chicago, IL. For more information about Moneris Solutions, please call 847.240.6600 or visit www.monerisusa.com.
About Humboldt Merchant Services:
Humboldt Merchant Services, LP is based in Eureka, CA and provides businesses throughout the United States with the highest quality credit card and payment processing solutions; Humboldt enables merchants to accept Visa, MasterCard, American Express, Diners Club, Discover, JCB and numerous value-added services. For more information about Humboldt Merchant Services, please call 877.635.3570 or visit www.hbms.com.
For more information, please contact:
Terry Banike,
847-240-7553
terry.banike@moneris.com