FinTech Acquisition Corp. (NASDAQ: FNTC)* will acquire CardConnect, LLC, a payment processing and technology solutions provider, for approximately $180m in cash and $170m in common stock.
The new merged company, which will be renamed CardConnect Corp., will apply to continue the listing of its common stock on the Nasdaq Stock Market under the ticker symbol “CCN”.
Following the transaction, the CardConnect management team – led by Jeff Shanahan, President and CEO; Chuck Bernicker, CFO; Patrick Shanahan, COO; Rob Nathan, Executive Vice President, Product; Rush Taggart, Chief Security Officer; Scott Dowty, Chief Sales Officer; and Angelo Greco, Executive Vice President; – will continue to lead the company.
Currently majority owned by FTV Capital, CardConnect offers full service payments platforms for both small and midsize business and enterprises through a comprehensive product portfolio, including:
– CardPointe – a payments platform offering SMBs a centralized system to track, manage and process their payments;
– CardSecure – a gateway that integrates with enterprise level Oracle and SAP ERP systems, securing every transaction through data breach protection and PCI scope reduction; and
– PCI validated point-to-point encryption (P2PE) solutions
The merger is expected to close in June 2016.
FinTech Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. In February 2015, the company consummated a $100m initial public offering of 10 million units, each unit consisting of one share of common stock and one redeemable common stock purchase warrant, at a price of $10.00 per unit. Simultaneously, it consummated the sale of 300,000 units at a price of $10.00 per unit in a private placement that generated gross proceeds of $3,000,000. FNTC’s securities are quoted on the NASDAQ stock exchange under the ticker symbols FNTC, FNTCW and FNTCU.