TORONTO, April 04, 2024 (GLOBE NEWSWIRE) -- Further to its news release dated March 27, 2024, Quisitive Technology Solutions Inc. ("Quisitive" or the "Company") (TSXV: QUIS, OTCQX: QUISF), a premier Microsoft Cloud and AI solutions provider, announces that it has completed the sale of its BankCard USA Merchant Services, Inc. ("BankCard") business unit to BUSA Acquisition Co. (the "Acquiror"), a Nevada incorporated entity owned by a consortium of current employees of BankCard, including Shawn Skelton, Scott Hardy and Jason Hardy, as well as other arm's length third parties (the "Transaction").
With the sale of BankCard now complete, Quisitive has successfully exited its payments division, transforming into a unified entity centered around cloud services. As a premier global partner of Microsoft, the Company is poised to deliver transformative cloud solutions and maintain exceptional customer service standards. The strategic disposition of the BankCard and PayiQ operations underscores a deliberate transition to a dedicated focus on Cloud and AI Solutions. Concentrating on this area enables Quisitive to channel its resources and energy toward a sector ripe with growth prospects, including a beneficial Microsoft partnership, emerging AI technologies, and cloud service advancements. Additionally, the financial benefits of these transactions, such as the elimination of earnouts and the inflow of cash, have positioned Quisitive to decrease its financial leverage.
Pursuant to the terms of the Transaction, the consideration received by Quisitive for the sale of BankCard included: (i) US$40,000,000 in cash, subject to customary adjustments; (ii) the return of 133,095,158 common shares of Quisitive (the "Quisitive Shares") to a wholly-owned subsidiary of Quisitive, which were held by the Acquiror, and will be cancelled shortly following the completion of the Transaction; and (iii) delivery by the former vendors of BankCard of a settlement agreement releasing Quisitive (and certain of its subsidiaries) of any and all obligations to pay a US$10,000,000 earnout payment (plus accrued interest of US$539,178.08). Total fees payable by the Company in connection with the Transaction were approximately US$2 million, which includes payments to the Company's advisors listed under the heading "Advisors" below and the sole finder's fees payable by the Company to William Blair & Company, L.L.C. in accordance with the policies of the TSX Venture Exchange ("TSXV"). The Company also confirms that the summary of the key terms of the Transaction previously disclosed in the news release dated March 27, 2024, remain unchanged.
"As we close this chapter, the strategic divestiture of our payments segment marks a pivotal moment for Quisitive", said Mike Reinhart, CEO of Quisitive. "This is not merely a sale, it's a calculated move towards concentrating our prowess where we truly excel – as a spearhead in cloud solutions, in synergy with our powerful Microsoft partnership. This transition embodies our commitment to innovation and customer excellence, as we leverage emerging AI capabilities and cloud technology to deliver unparalleled service. It's a transformative step for Quisitive, as we streamline our focus and harness financial strength for sustained growth and value creation."
Advisors
William Blair & Company, L.L.C. acted as financial advisor and Bass, Berry & Sims PLC and Cassels Brock & Blackwell LLP acted as legal counsel to the Company in connection with the Transaction. Stikeman Elliott LLP and Shearman & Sterling LLP acted as legal counsel to the Acquiror. McDermott Will & Emery LLP acted as legal counsel to the Lenders.
Corporate Updates
The Company today announces that it has issued an aggregate of 1,162,823 deferred share units ("DSUs") to independent directors that vest after one year, an aggregate of 4,790,770 restricted share units ("RSUs") to officers of the Company which will fully vest three years from the date of issuance, and an aggregate of 267,265 RSUs to officers of the Company which will fully vest one year from the date of issuance. Once vested, each RSU represents the right to receive one Quisitive Share or the equivalent cash value thereof, at the Company's direction, while each DSU entitles the holder to receive one Quisitive Share, or in certain circumstances a cash payment equal to the value of the Quisitive Shares, at the time the holder ceases to be a director of the Company.
多倫多,2024年4月4日(GLOBE NEWSWIRE)——繼2024年3月27日發佈新聞稿之後,微軟首屈一指的雲和人工智能解決方案提供商Quisitive Technology Solutions Inc.(“QUISIVE” 或 “公司”)(TSXV:QUIS,OTCQX:QUISF)宣佈已完成向美國銀行卡商業服務公司(“BankCard”)出售其BankCard USA(“BankCard”)業務部門的交易 BUSA 收購有限公司(“收購方”),一家內華達州的註冊實體,由BankCard的現任員工組成的財團擁有,其中包括肖恩·斯凱爾頓、斯科特·哈迪和傑森·哈迪,以及其他獨立的第三方(“交易”)。
隨着BankCard的出售現已完成,Quisitive已成功退出其支付部門,轉型爲以雲服務爲中心的統一實體。作爲微軟的主要全球合作伙伴,該公司準備提供變革性的雲解決方案並保持卓越的客戶服務標準。BankCard和PayIQ業務的戰略佈局凸顯了向專注於雲和人工智能解決方案的深思熟慮的過渡。專注於這一領域使Quisitive能夠將其資源和精力引導到增長前景成熟的行業,包括有益的微軟合作伙伴關係、新興的人工智能技術和雲服務進步。此外,這些交易的財務收益,例如取消收益和現金流入,使Quisitive能夠降低其財務槓桿率。
根據交易條款,Quisitive收到的出售BankCard的對價包括:(i)4,000萬美元現金,但須進行慣例調整;(ii)向收購方持有的Quisitive的全資子公司返還Quisitive的133,095,158股普通股(“Quisitive股份”),該子公司由收購方持有,將在交易完成後不久取消;以及(iii)銀行卡的前供應商交付一項和解協議,解除Quisitive(及其某些子公司)的全部股份有義務支付1,000萬美元的收益(外加539,178.08美元的應計利息)。公司應支付的與本次交易相關的費用總額約爲200萬美元,其中包括向下文 “顧問” 標題下所列的公司顧問支付的款項,以及公司根據多倫多證券交易所風險交易所(“TSXV”)的政策向威廉·布萊爾公司有限責任公司支付的唯一發現者費用。該公司還確認,先前在2024年3月27日的新聞稿中披露的交易關鍵條款摘要保持不變。
Quisitive首席執行官邁克·萊因哈特表示:“在我們結束本章之際,支付部門的戰略剝離標誌着Quisitive的關鍵時刻。”“這不僅是一次出售,而且是經過精心策劃的舉措,旨在將我們的實力集中在我們真正擅長的地方——作爲雲解決方案的先鋒,與我們強大的微軟合作伙伴關係相結合。這種轉變體現了我們對創新和卓越客戶的承諾,因爲我們利用新興的人工智能能力和雲技術來提供無與倫比的服務。對於Quisitive來說,這是一個變革性的一步,因爲我們精簡了工作重點,利用財務實力來實現持續增長和價值創造。”
顧問
William Blair & Company, L.L.C. 擔任財務顧問,Bass、Berry & Sims PLC和Cassels Brock & Blackwell LLP擔任與該交易有關的公司的法律顧問。Stikeman Elliott LLP和Shearman & Sterling LLP擔任收購方的法律顧問。麥克德莫特威爾和埃默裏律師事務所擔任貸款人的法律顧問。
企業最新消息
該公司今天宣佈,它已向獨立董事共發行了1,162,823個遞延股票單位(“DSU”),一年後向公司高管共發行了4,790,770個限制性股票單位(“RSU”),自發行之日起三年內將全部歸屬給公司高管,共計267,265個限制性股票單位,自發行之日起一年後將完全歸屬。一旦歸屬,每份限制性股份都代表有權在公司的指導下獲得一股Quisitive股份或其等值現金價值,而每份DSU則賦予持有人在持有人停止擔任公司董事時獲得一股Quisitive股票,或者在某些情況下獲得相當於Quisitive股份價值的現金付款。