|By Marketwired .||
|February 6, 2014 06:55 PM EST||
SCOTTSDALE, ARIZONA and TORONTO, ONTARIO -- (Marketwired) -- 02/06/14 -- NBS Payment Solutions Inc. ("NBSPS") announced today that it has completed the acquisition of substantially all of the assets of Equinox Payments, LLC ("Equinox"). Equinox is a leading provider of payment terminals, applications and support services in the United States. NBSPS is a leading provider of payment terminals, applications and services to the Canadian market and is a wholly-owned subsidiary of Brookfield Asset Management Inc. Terms of the transaction were not disclosed.
"NBS Payment Solutions has operated in Canada for over 25 years and is excited about partnering with Equinox in the U.S. market," said Drazen Ivanovic, President and CEO of NBSPS. "The well-established Equinox brand, products and excellent sales and support network, combined with NBSPS's expertise in security, EMV migration and wireless technology, will enhance and strengthen Equinox's position in the U.S. payment terminal space. NBSPS, PCI-DSS certified Managed Services, will provide additional value add and market differentiating solutions for Equinox customers. We are committed to providing high quality products and services, including Equinox's new Apollo line and multi-lane terminals."
Stuart Taylor, Vice President of Payment Solutions at Equinox said, "NBSPS's success in product development and innovation provides a strong foundation for the combined operations of Equinox and NBSPS in North America. We are enthusiastic about the prospects of embarking on our next stage of growth with a partner of such depth and experience. NBSPS shares the Equinox commitment of aligning with key customers and supporting their growth and strategic objectives. This business combination will immediately improve the combined capabilities of both organizations and enable us to better serve our loyal customers."
The Optimum, Apollo and L-Series Multi-Lane products manufactured by Equinox will complement the NBSPS NOIRE product offering and continue a strong presence for the Equinox brand in the U.S. market. NBSPS has identified significant synergies between the two companies including bringing its expertise in the EMV (Europay-Mastercard-Visa) standard. The EMV standard supports a chip-and-pin identification system and has significant security benefits compared to magnetic stripe card technology. EMV is the accepted standard in Canada and the rest of the world and is expected to be broadly implemented in the U.S. late in 2015.
NBSPS will complete the acquisition through a wholly owned subsidiary in the United States and will operate under the name Equinox Payments, LLC in the U.S. market. Equinox continues to advance its new Apollo line of terminals via Class A and Class B certification efforts with the major acquirers and is on track to complete its successful merchant trials in the United States later in 2014.
About NBS Payment Solutions
NBS Payment Solutions is based in Toronto, Canada and has been a leading provider of electronic payment solutions to the financial industry for over 25 years. The company provides expertise in market differentiating hardware and software solutions including POS payment terminals, secure pinpads and a comprehensive suite of gateway managed value add services that complement core payments processing. NBSPS also has extensive experience in transitioning services including EMV migration.
NBSP Payment Solutions Inc., is a wholly-owned subsidiary of Brookfield Asset Management. (http://www.brookfield.com), a global alternative asset manager, with over $175 billion of assets under management. Brookfield is listed on the New York (BAM) and Toronto (BAM.A) stock exchanges.