Bancard Systems Sold
IRVINE — Bancard Systems Inc. has signed an agreement to be acquired by PMT Services Inc. of Nashville, Tenn., for $45 million in stock. Bancard has a portfolio of about 11,000 merchant accounts.
PMT, which markets electronic credit card authorization and payment systems, said it expects the deal to close by the end of the week.
Bancard’s president and chief operating officer, Michael N. McCormick, will be nominated to PMT’s board, which would increase to seven members from six, PMT said.
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