TROY, Mich., July 28, 2010 - North American Bancard, LLC, one of the industry's leading payment solutions providers, announced today its acquisition of CDI Technology from the corporate development and investment firm Quantum Ventures ofMichigan, LLC.
CDI Technology (CDI) is the leading 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, Inc. is the world's leading provider of enterprise applications for the hospitality and retail industries.
The acquisition reflects North American Bancard's (NAB) 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 of its acquisition of CDI Technology is the appointment of David L. Tepoorten as General Manager 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.
Press inquiries may be forwarded to David L. Tepoorten at 1-800-226-2273 x1824.
About North American Bancard
Headquartered in Troy, Michigan, North American Bancard is a multi-faceted payment solutions provider dedicated to providing the latest technology as well as committing to the highest service levels. As a registered MSP/ISO since 1992, North American Bancard provides its clients with a full suite of products and services including Credit, Debit, EBT, Check Conversion and Guarantee, ATM, Gift and Loyalty Cards and Online Payment Gateway solutions. NAB processes over $8 billion in electronic transactions annually for over 100,000 merchants nationwide. For more information, visit www.nabancard.com.
About CDI Technology
CDI Technology is a leading regional supplier of technology to the hospitality industry. CDI provides point-of-sale, telecommunications and paging systems, along with a full range of consulting and support services. CDI has a twenty year successful track record in serving a wide range of table and quick service restaurants, stadiums and arenas, casinos, institutional cafeterias, hotels, and other types of leisure and entertainment companies. CDI's consulting team has helped implement some of the largest point-of-sale installations in the world. Additionally, CDI is one of the leading MICROS Systems, Inc. dealers in North America and has earned numerous awards for its excellence. CDI is a wholly-owned subsidiary of North American Bancard, one of the electronic payment processing industry's leading solutions providers. For more information, visit www.cditech.com.