KING OF PRUSSIA, Pa. & PHILADELPHIA - FTS Holding Corporation, the parent company ofCardConnect®, LLC, a payment processing and technology solutions provider, and FinTech Acquisition Corp. (NASDAQ: FNTC), announced today that they have entered into a definitive merger agreement, whereby FNTC will acquire CardConnect and will be renamed CardConnect Corp. The merged company will apply to continue the listing of its common stock on the Nasdaq Stock Market under the ticker symbol “CCN.” Post transaction, the CardConnect management team will continue to lead the company. CardConnect is currently majority owned by FTV Capital, a leading growth equity investor in high-growth payments and transaction processing companies.
Jeff Shanahan, President and Chief Executive officer of CardConnect commented, “We are very excited to be partnering with Betsy and FNTC in a transaction that provides an efficient path for a successful transformation to a public company. CardConnect has developed a straightforward value proposition that provides both large enterprises and smaller merchants a robust platform that optimizes security and the user experience. Our new capital structure will support our opportunistic acquisition strategy and our development of new products and technology, which will help scale the business.”Betsy Z. Cohen, Chairman of the Board of Directors of FNTC, said, “CardConnect is a profitable, growing business that has attracted an impressive blue chip customer base. CEO Jeff Shanahan and his proven team have continued to leverage technology to deliver innovative, state-of-the-art payments capabilities featuring advanced transaction security and outstanding customer service. With numerous Fortune 500 companies as well as over 60,000 small and mid-sized merchants already on its platform, CardConnect is well positioned to continue its growth by consistently meeting the demanding challenges of today’s rapidly evolving payments industry.”
Chris Winship, FTV Capital Partner said, “We have been consistently impressed with the way Jeff and his team have executed within the complex payments landscape to build one of the most successful payments platforms in the U.S. We look forward to our continuing role with CardConnect as the company enters this exciting next phase of growth.”
Once the transaction is closed, CardConnect will continue to be led by: Jeff Shanahan, President and Chief Executive Officer; Chuck Bernicker, Chief Financial Officer; Patrick Shanahan, Chief Operating Officer; Rob Nathan, Executive Vice President, Product; Rush Taggart, Chief Security Officer; Scott Dowty, Chief Sales Officer; and Angelo Greco, Executive Vice President.
Along with FNTC Chairman Betsy Z. Cohen, Richard Garman, FTV Capital Managing Partner, and Chris Winship, FTV Capital Partner, will serve on the CardConnect Board of Directors. Messrs. Garman and Winship have served on the CardConnect Board since 2010 when FTV Capital initially invested in the company.
Additional information about CardConnect’s operations and financial performance is contained in the investor presentation furnished by FNTC via a Current Report on Form 8-K (the “Investor Presentation”) today with the Securities and Exchange Commission, and which can be viewed at the SEC website at www.sec.gov or on the Company’s website cardconnect.com.