US-based Universal Business Payment Solutions Acquisition Corporation (UBPS) has completed the acquisitions of the JetPay companies and the A D Computer Corporation companies.
Under terms of the agreement, all remaining units of UBPS were segregated, and all warrants held by UBPS warrant holders will now be exchanged for UBPS common shares at a ratio of 1 warrant for 0.1333 shares of UBPS common stock.
UBPS chief executive officer Bipin Shah said that the acquisition of these two firms will enable it to establish a one-stop shop for the payment needs of businesses.
"They not only already provide UBPS with a competitive advantage, but their current and future capability in mobile banking and cloud technology will enable UBPS to develop products and services that will only accelerate that advantage," Shah added.
A D Computer delivers payroll and payroll tax filing services to nearly 5,000 organizations of all types and sizes, representing over 150,000 of its customers’ employees, across the US.
JetPay trades as a real time credit card and ACH processors and merchant account providers that process all front end authorizations as well as all back end clearing and settlement functions.
Shah stated, "JetPay has an extraordinary platform that can deliver products and product features far faster than traditional providers."
UBPS is a special purpose acquisition company set up for acquiring one or more operating businesses in the payments and payroll processing industries as a platform for further roll-up acquisition opportunities.