ChoicePay to be purchased by Tier Technologies

ChoicePay to be purchased by Tier Technologies
Tags: Debit / Credit, North America, Transaction Processing
January 21, 2009

Tulsa (Okla.) World: Tier Technologies, a Reston, Va.-based provider of electronic payment solutions, has agreed to purchase ChoicePay Inc. The transaction is for $7.5 million in cash at closing, and has an earn-out potential for ChoicePay shareholders capped at $2 million, based on future business. It is not known how the acquisition will impact ChoicePay's workforce of roughly 80 members. "Both companies are optimistic that the deal could close as early as next week," said Ben Peters, chief financial officer of ChoicePay.

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