Salt Lake City, UT, August 31, 2010/PRNewswire/ — BankServ and NetDeposit, leaders in remote deposit capture and electronic payment technologies, announced today the signing of a definitive agreement wherein BankServ will acquire substantially all of the assets of NetDeposit, LLC, a wholly owned subsidiary of Zions Bancorporation (NASDAQ: ZION). These assets include the flagship products and services of NetDeposit, LLC, as well as all related customer contracts and agreements.
With this acquisition, BankServ will take a commanding position in the payments processing space by more than doubling its end user client base. The combined operation will be the largest privately held, bank-independent processor of remote deposit capture transactions in the nation. Overall, the company will serve more than 100,000 business locations and more than 500 financial institutions with market-leading products in Internet payments, Fedwire, SWIFT, mobile credit card payments, image cash letter processing, and all forms of check image capture.
"This is an important milestone for the industry, and an opportunity to deliver even more world-class services with better cost dynamics," said David Kvederis, President and CEO of BankServ. "With consolidation comes the ability to compete more effectively, with a broader solution offering and expanded distribution channels."
During a transition period expected to last into early 2011, the BankServ and NetDeposit brands will operate in parallel. NetDeposit will continue to maintain its home office in Salt Lake City, with its CEO Danne Buchanan continuing to oversee existing NetDeposit operations and assuming an expanded executive role in the new combined organization.
"The combined strength of these companies offers tremendous potential, much more than could be obtained by either company individually," Buchanan said. "Most importantly, our customers will benefit from a stronger, broader offering of best-in-class services."
The acquisition is expected to close during the third quarter of 2010. BankServ and NetDeposit have already begun working together to ensure a smooth transition for customers.
Learn more ...
NetDeposit corporate site
BankServ corporate site