DeepStack Technologies Is Acquired By Banc of California For $24m
The news is confirmed! Banc of California has acquired Global Payroll Gateway and Deepstack Technologies, its wholly-owned subsidiary. According to verified sources, the deal was closed at $24 million at $17.46 per share. 70% was paid in cash, and the remaining was in stocks. With this, all DeepStack’s employees will now join the payroll of Banc of California.
With this acquisition, Banc of California will
Be able to process payment through a proprietary tech platform
Be in a position to offer a full stack of payment services to existing and new clients as a payment gateway and payment provider
Allow ISO 8583 payment switch to all clients
Deepstack, headquartered in Florida, provides various payment solutions, such as merchant processing, tokenization, fraud protection tools, payment acceptance and disbursements, virtual accounts, chargeback management, reconciliation, and reporting. Banc of California, with 35 offices in southern California, owns $9.5 billion in assets besides Banc of California, N.A., a wholly owned-banking subsidiary.
Speaking about the acquisition, Jared Wolf, President and CEO of the Banc of California, confirms that this helped expand the business into new forays and deepens the strategy to expand fee-based income meaningfully. Combined with the existing services, this expansion has enabled them to strengthen their resolve to become the hub of financial services for their clients and add value to the franchise as a whole.
President of Deepstack, Jayme Amirie further adds that the acquisition will benefit the clients as it will ensure seamless integration into the platform. This will further allow quick access to funds from credit card receivables, account reconciliation, and same-day account visibility.
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