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Bank of California, a financial services provider listed on the New York Stock Exchange, recently confirmed that it had acquired the payments platform and technology of Global Payroll Gateway and its wholly owned subsidiary Deepstack Technologies.
According to details shared by Banc of California, the total value of the acquisition is about $24 million. The amount was paid in cash and stock. Deepstack is headquartered in Florida. Banc of California said Jayme Amirie will continue as president of Deepstack.
70% of the total consideration was paid in cash and the remaining 30% through common stock of the company. The entire Deepstack staff attended Banc of California. Bank of California said it will diversify the bank’s revenue mix while highlighting the strategic and financial benefits of Deepstack’s latest acquisition.
Commenting on the acquisition, Jared Wolff, President and Chief Executive Officer of the Bank of California, said: Said: “The acquisition of Deepstack expands our business into payment processing and advances our strategy to grow fee-based revenue in a scalable and meaningful way. Deepstack’s client-centric technology platform will enable existing and new We are able to offer best-in-class transaction processing solutions to our clients by combining our existing state-of-the-art deposit and treasury management solutions with customized lending services to become the hub of your financial services ecosystem and increase the value of your franchise. We will continue to implement that strategy.
MJC Partners acted as financial advisor to Banc of California in the aforementioned acquisition. In addition, Paul Hastings acted as legal advisor. The deal also includes his three-year earn-out beginning in 2023.
We are excited to join Bank of California to offer our clients a full-stack payment solution that few banks and payment processors can offer. We are tired of the limited interaction with the solution, the underlying bank.
Bank of California, a financial services provider listed on the New York Stock Exchange, recently confirmed that it had acquired the payments platform and technology of Global Payroll Gateway and its wholly owned subsidiary Deepstack Technologies.
According to details shared by Banc of California, the total value of the acquisition is about $24 million. The amount was paid in cash and stock. Deepstack is headquartered in Florida. Banc of California said Jayme Amirie will continue as president of Deepstack.
70% of the total consideration was paid in cash and the remaining 30% through common stock of the company. The entire Deepstack staff attended Banc of California. Bank of California said it will diversify the bank’s revenue mix while highlighting the strategic and financial benefits of Deepstack’s latest acquisition.
Commenting on the acquisition, Jared Wolff, President and Chief Executive Officer of the Bank of California, said: Said: “The acquisition of Deepstack expands our business into payment processing and advances our strategy to grow fee-based revenue in a scalable and meaningful way. Deepstack’s client-centric technology platform will enable existing and new We are able to offer best-in-class transaction processing solutions to our clients.By combining our existing state-of-the-art deposit and treasury management solutions with customized lending services, we can become the hub of your financial services ecosystem and increase the value of your franchise. We will continue to implement that strategy.
MJC Partners acted as financial advisor to Banc of California in the aforementioned acquisition. In addition, Paul Hastings acted as legal advisor. The deal also includes his three-year earn-out beginning in 2023.
We are excited to join Bank of California to offer our clients a full-stack payment solution that few banks and payment processors can offer. We are tired of the limited interaction with the solution, the underlying bank.
