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Midwest Payment Systems completes Integrated Delivery Technologies, Inc., Cartel Network acquisition
CINCINNATI -- Fifth Third Bank's data processing subsidiary, MPS, has completed its purchase of IDTI and the Cartel Network, an independent, national electronic banking and transaction processing system based in New York. Terms of the deal were not disclosed. Barry L. Boerstler, executive vice president of MPS, said, "This addition will have an immediate positive impact on our revenue stream and allow us to remain an attractive service alternative to financial institution clients." "Quite simply, MPS 'gets it' -- they've invested millions in technology, implementing over 30 new and upgraded systems in 1999 alone," said IDTI Chairman and CEO Joe Wolfson. "Their foresight and commitment in this arena are just two reasons why we are thrilled to bring our two companies together, and this alliance will give us the capital and leverage Cartel needs to continue to expand our brand and presence." MPS processes more than 4.5 billion ATM, POS and e-commerce transactions per year for more than 65,000 retail locations and financial institutions worldwide, including Federated Department Stores, The Kroger Co., Circuit City, Office Depot and CompUSA. MPS posted 1999 revenue of $194 million and net income of $62 million. Established in 1994, Cartel processes for 3.8 million cardholders nationwide through 77 member financial institutions. Through reciprocal interchange, processing and marketing agreements, over 700 financial institutions have access to the network which is available at approximately 17,000 ATMs, POS terminals and point-of-banking terminals. Cartel also has a strong ATM placement business with multi-location retailers, including Wal-Mart, Tops Friendly Markets, Wegmans, Price Chopper, Drug Emporium, Stewarts, Shoprite and Delta Sonic. Cartel processes over one million transactions per month.
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