Payment Data Systems (PDS), an integrated electronic payment solutions provider, announced that it is in the process of acquiring Singular Payments LLC.
According to Finextra, PDS has entered into a non-binding Letter of Intent to acquire Singular, a FinTech payments provider that utilizes innovative technology for merchants in health care and other niche verticals nationwide.
Founded in 2009, Singular’s custom flat rate payment processing and electronic bill presentment and payment (EBPP) platform enables merchants to streamline their invoicing and payment processes. In 2016, the company handled more than 2.5 million transactions worth over $440 million.
“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 health care and other bill pay intensive industries enhances our overall value proposition,” said Vaden Landers, CEO of Singular Payments.
While specific details have not been released, Singular has agreed to work with PDS exclusively until the acquisition is either finalized or canceled. In order for it to go through, there must be a successful outcome of due diligence and the payment of stock and cash of an undisclosed amount from PDS to Singular’s shareholders.
“I believe this important acquisition will quickly accelerate the growth potential of our company and broaden our revenue streams,” said Louis Hoch, president and CEO of Payment Data Systems. “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.”