Editor’s note: Gene Valentino, founder and CEO of Pensacola-based Collector Solutions, served two terms as Escambia District 2 Commissioner
by JetPay Corporation
JetPay® Corporation, a leading provider of debit and credit card processing, payroll and human capital management, and prepaid card services, announced today the closing of the acquisition of CollectorSolutions, Inc. (“CSI”), a Pensacola, Florida based debit and credit card processing company which specializes in the government, utility, and non-profit sectors.
The combined company would have generated a pro-forma $58.6 million in 2015 revenues, a 35% increase over JetPay’s 2015 revenues of $43.3 million, should produce approximately $700 million of annual credit and debit card processing volume and is expected to bring approximately $4.50 billion of annual e-check processing volume to JetPay.
CSI was founded in 1999 by Gene Valentino specifically to provide debit and credit card processing services to government agencies and utilities, and most recently has added non-profits as an area of expertise. CSI delivers these high-quality products and services through proprietary technology that both integrates well into the enterprise software of its customers, but also delivers superior “real-time” reporting that allows it customers to be highly responsive to their customers and constituents.
Diane (Vogt) Faro, Chief Executive Officer of JetPay Corporation, stated, “We are excited about having Gene Valentino and his team at CSI join the JetPay family.
“CSI has been a major customer of JetPay, which has allowed us to appreciate his leadership and ability to grow an organization that provides valued and innovative solutions to his customers.”
Ms. Faro further commented, “Government and utility payments are one of the fastest-growing segments in the payments’ arena, as more and more consumers select electronic delivery versus cash and checks. CSI will not only help us to expand our debit and credit card processing reach in these areas, but will also provide an excellent customer base and channel to offer our payroll and prepaid card services.”
“JetPay provides CSI the ability to offer enhanced service to our customers. The breadth of JetPay’s technologically advanced credit and debit card processing product line will bring our customers added value,” said Gene Valentino, Chief Executive Officer of CSI.
“The ability of JetPay to quickly and effectively innovate its technology platform, along with its unparalleled uptime has not only increased the satisfaction rates with our current customers, but it has been critical in assisting us to land new business.”
Mr. Valentino continued, “JetPay affords us the opportunity to not only expand our payments business, but also to provide additional services like payroll and human capital management, prepaid, and other services in a quality and easy-to-service manner. We are excited to be part of the JetPay team.”
The acquisition was funded by the issuance of shares of JetPay common stock and the absorption of debt. The transaction is expected to be immediately accretive.