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Friday, Mar 29, 2024

iPayment Closes Financing for Acquisition

iPayment Inc., a provider of credit card payment services, has closed on a corporate refinancing with the proceeds partially funding its acquisition of Leaders Merchant Services, the company announced Wednesday. Based in Westlake Village, iPayment is used by about 137,000 small business clients for processing credit and debit card transactions. Leaders Merchant Services is an independent sales organization specializing in merchant payment and point-of-sales solutions. Leaders Merchant Services is headquartered in Camarillo. “With this refinancing and subsequent acquisition of Leaders, iPayment will benefit from an immediate expansion of its portfolio and a new, valued based and highly-efficient direct sales operation,” Robert Purcell, iPayment’s chief financial officer, said in a statement. Leaders Merchant Services has been a registered seller of iPayment’s services since 2004.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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