In Other News: ABACUS (AXP); PAYSAFE (Platform); NETS (IPO); and ACI (EBH). ABACUS – Abacus has integrated with American Express to pull in a direct feed of corporate card transaction data into the Abacus platform. When this data is programmatically imported into Abacus, finance teams will be able to leverage more accurate and higher quality…
CPI Card Group has been hit with class action shareholder lawsuits in regard to its October 2015 IPO and 1Q/16 earnings report. On May 11, CPI reported disappointing financial results for the first quarter, stating “primary impact resulting from lower than expected EMV card shipments,” according to President and CEO Steve Montross. On the news,…
First Data posted 4Q/15 revenue of $3.0 billion, up 3% year-on-year (YOY) or up 5% on a currency adjusted (FX) basis. For the fourth quarter, the net loss attributable to First Data was $1217 million, compared to a net loss of $126 million in the prior quarter, and compared to net income of $12 million…
CardFlash News Briefs: ALLIED (IPO); SYNAPTICS (Nok Nok); VINDICIA (BBC); and TCF (FDC).
After a haircut in its IPO earlier this week, to $9.00 per share, Square’s first day of trading yesterday soared more than 60%, closing at $13.07. It was expected to price in the $11 to $13 range but there has been growing skepticism among institutional investors in regard to tech unicorns.
CO-based CPI Card Group reported net sales were $107.7 million, an increase of 39.2% over the prior year period. The company attributed most of the increase to the U.S. EMV migration.
NY-based ShopKeep, the cloud-based technology and business management solution for more than 20,000 small businesses, has ankled Michael DeSimone as the company’s new Chief Operating Officer.
Worldline and Equens are getting married. Equens is a prominent European payment services provider, headquartered in Utrecht, Netherlands, with €305 million 2015 revenue. Equens Worldline Company will become the largest pan-European financial processor, targeting 2016 revenue of € 700 million and OMDA of € 120 million, managing approximatively 100 million payment cards and employing 3,000 experts in payment.
MasterCard has ankled Craig Vosburg to president, North America Markets, effective January 1st. This appointment comes as Chris McWilton announced he will leave MasterCard on December 31.
Synchrony Financial intends to file a Registration Statement on Form S-4 with the SEC in connection with the proposed exchange offer announced by General Electric Company. In the offer, GE shareholders will have the opportunity to exchange some or all of their shares of GE common stock for shares of Synchrony Financial common stock.
Merchant acquirer and payments technology and services provider for SMBs, TransFirst, owned by buyout firm Vista Equity Partners, has filed for an IPO. Shares to be listed on the Nasdaq under the symbol “TF” with an IPO size of $100 million.
First Data expects to raise $3.7 billion in its initial public offering. The deal involves 160 million shares of its Class A common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share.