|[August 14, 2014]
Heartland Payment Systems Acquires Leaf
PRINCETON, N.J. --(Business Wire)--
Payment Systems (NYSE:HPY), the nation's fifth largest payment
processor and a leading provider of merchant business solutions, today
announced that it acquired Leaf,
creator of a mobile Point of Sale (POS) tablet specifically designed for
commerce. Leaf's cost-effective product helps retail stores,
restaurants, and other local merchants improve the speed and ease of
checkout and offers easy-to-use business management, analytics, and
Through the acquisition, Heartland demonstrates its ongoing commitment
to providing the support and resources needed to execute on the
companies' shared vision of delivering an open and flexible POS platform
that makes it easier to run and grow a small business. Leaf will
continue to be payments agnostic, working with the majority of domestic
payments processors, and continue to build distribution relationships
with industry-leading sales organization and partners. Terms of the
agreement were not disclosed.
"Leaf and Heartland value serving customers with fair pricing and
transparent business practices, making for a real partnership," said
Robert O. Carr, chairman and CEO of Heartland Payment Systems. "We've
made a significant investment in Leaf and we want to continue making
sure it has the resources needed to realize its full potential."
In September 2013, Heartland made a $20 million investment in Leaf and
with this acquisition has purchased the remaining minority interest.
Leaf will operate as a separate business unit of Heartland, continuing
its mission to help small businesses manage operations through an open
and flexible technology platform that can best fit their needs.
"Leaf has accomplished a lot with the purpose-built POS tablet and
commitment to empower a merchant's choice of service provider; Heartland
clearly sees the potential in Leaf's longer-term vision to provide an
open marketplace of business services for small and medium enterprises,"
said Sarah McCrary, Leaf's CEO. "What we're doing is a big undertaking,
and with Heartland's backing and full commitment, we can focus 100
percent on the product while knowing that we'll have the resources we
Following the acquisition, McCrary will continue to lead the company as
its CEO, and co-founder Sebastian Castro will continue in his role as
chief technical evangelist.
About Heartland Payment Systems
Heartland Payment Systems, Inc. (NYSE:HPY),
the fifth largest�payments processor�in the United States, delivers
credit/debit/prepaid�card processing, mobile
commerce,�e-commerce,�marketing solutions,�security technology,�payroll
solutions, and related business solutions and services to more than
300,000 business and educational locations nationwide. A�FORTUNE�1000
company, Heartland is the founding supporter of�The Merchant Bill of
Rights, a public advocacy initiative that educates merchants about fair
credit and debit card processing practices. Heartland also
established�The Sales Professional Bill of Rights�to advocate for the
rights of sales professionals everywhere. More detailed information can
be found at�HeartlandPaymentSystems.com
or follow the company on Twitter (News - Alert) @HeartlandHPY�and
Facebook (News - Alert) at�facebook.com/HeartlandHPY
Leaf empowers local merchants to run and grow their businesses by
providing a mobile payment platform built for local commerce. By making
the complex tasks of running a business easy, Leaf allows merchants to
spend more time focusing on what's important-the needs of their
customers. For more information on how Leaf is transforming Point of
Sale into Point of Smart, visit www.leaf.me.
This press release contains statements of a forward-looking nature
which represent our management's beliefs and assumptions concerning
future events. Forward-looking statements involve risks, uncertainties
and assumptions and are based on information currently available to us.
Actual results may differ materially from those expressed in the
forward-looking statements due to many factors, including risks and
additional factors that are described in the Company's Securities and
Exchange Commission filings, including but not limited to the Company's
annual report on Form 10-K for the year ended December 31, 2013. Given
these risks and uncertainties, prospective and current investors are
cautioned not to place undue reliance on such forward-looking
statements. We undertake no obligation to update any forward-looking
statements to reflect events or circumstances that may arise after the
date of this release.
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