North American Bancard Acquires Micros Dealer
The Troy payment technology provider North American Bancard LLC said it had acquired of CDI Technology from the corporate development and investment firm Quantum Ventures of Michigan LLC.
CDI is a regional supplier of point-of-sale systems to the restaurant and hospitality industry in Southeast Michigan and Western Ohio for more than 20 years. The company is among the nation's largest Micros Systems Inc. (Nasdaq: MCRS) dealers. Micros Systems is the world's leading provider of enterprise applications for the hospitality and retail industries.
The acquisition reflects North American Bancard's objective to continue to differentiate its distribution channels as a dominant player within a continuously converging payment and technology space. NAB is allocating substantial sales and capital resources to fully automate CDI's core systems and to enable the company's launch of its national POS sales and support platform. In addition, NAB is offering CDI merchants incentives and financing for installation and upgrades, as well as discounts on certain services in order to integrate processing into a consolidated platform.
"We're confident that NAB's resources will not only propel CDI's market growth, but enhance CDI's client relationships," said Marc Gardner, founder and president of North American Bancard. "We've integrated a payment and POS services solution that enables our customers to 'save a bundle when you bundle!' From the responses we've received already, it's clear our hospitality clients are seeing the intended benefits of the program."
Concurrent with North American Bancard's announcement is the appointment of David L. Tepoorten as general nanager and Thomas C. Merten as merchant services manager. Peter C. Violassi and Cary Nickerson will continue in their respective roles as sales manager and director of operations and support services. CDI's Michigan-based staff now operates from NAB's headquarters in Troy, while the Ohio-based staff remains located in Toledo.
More at www.nabancard.com or www.cditech.com.
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