We have a new story to report on PMT Services, Inc. As is the case with all our previous PMT stories, this one is about acquisition, but with a twist. PMT is still the acquirer, but they are also the acquiree.
NOVA has announced plans to acquire PMT. The acquisition, which will be complete in the fall, will create the country's fourth-largest merchant bankcard processing service provider. PMT will be a subsidiary of NOVA and Rich Roberts, currently chairman and CEO of PMT, will maintain his post as CEO.
But, the acquisition has not stopped PMT from doing some acquiring of their own. Prior to the NOVA announcement, PMT signed another agreement to acquire another ISO. This time they will purchase MBN National, a Los Angeles ISO. MBN adds a portfolio of 8,000 accounts and an annualized charge volume of $400 million to PMT's earnings. This is the ninth portfolio purchase or business acquisition for PMT during fiscal 1998.
Rich Roberts stated, "Two years ago, we launched a new program to acquire veteran sales forces and entrepreneurial managerial talent along with merchant account portfolios . . . this latest transaction will increase our internal account generation capability to approximately 4,000 merchant accounts per month from as few as 300 accounts two years ago . . . We remain engaged in numerous conversations regarding other portfolio purchase transactions or acquisitions of operating businesses."
PMT can be reached at (615) 743-3800 ext. 3200. NOVA can be reached at (800) 725-1243 or on the World Wide Web at http://www.novainfo.com.
