Newtek Business Services Corp. Acquires Majority Stake in POS On Cloud Software
November 20 2019 - 11:51AM
Newtek Business Services Corp. (“Newtek”) (Nasdaq: NEWT), an
internally managed business development company (“BDC”), today
announced that during the third quarter of 2019 it acquired a 51%
interest in POS on Cloud d/b/a Newtek Payment Systems, a
Kentucky-based limited liability company. POS on Cloud was founded
in 2012 to develop a secure, affordable, easy-to-use cloud-based
Point of Sale (POS) system for restaurant, retail, assisted living,
parks and golf course businesses, providing not only payments and
purchase technology solutions but also inventory, customer
management, reporting, employee time clock, table and menu layouts,
and ecommerce solutions as the central operating system for small-
and medium-sized businesses. The POS provides seamless
operations that are hardware agnostic and offer affordable,
professional tools for businesses of any size. POS on Cloud
has been co-branded Newtek Payment Systems and will be white
labeled for Newtek’s alliance partners so they will be able to
offer POS payment systems to their clients including credit unions,
banking institutions, trade associations and investment banking
clientele. POS on Cloud can process payments, integrate with
ecommerce, integrate with general leger accounting software, and
will include the Newtek Payroll Solutions payroll product to
provide payroll solutions, workman’s compensation, health
insurance, and a window into 401K.
Barry Sloane, Chairman, President and Chief Executive Officer of
Newtek Business Services Corp. said, “We are excited about the
opportunity to offer, through our alliance partners and with our
customer base, a fully branded POS system that has the following
multiple points of connectivity: various accounting software
packages, the businesses ecommerce platform, our own Newtek Payroll
Solutions offering, workman’s compensation, and health and
benefits. We will give our partners a branded opportunity to
control the depository relationship regarding payroll, card-present
and non-present business accounts, while we provide the software
and the solution to handle multiple business functions for our
business partner clientele. Newtek’s portfolio company Newtek
Merchant Solutions will also offer this POS directly to its
customer base as well as through an ISO channel specifically
branded for independent sales agents of the company. In today’s
payment processing world, if you are not providing the
technological solutions for card-present, ecommerce or mobile, you
will most likely be disintermediated out of the business.”
About Newtek Business Services Corp.Newtek
Business Services Corp., Your Business Solutions Company®, is an
internally managed BDC, which along with its controlled portfolio
companies, provides a wide range of business and financial
solutions under the Newtek® brand to the small- and medium-sized
business (“SMB”) market. Since 1999, Newtek has provided
state-of-the-art, cost-efficient products and services and
efficient business strategies to SMB relationships across all 50
states to help them grow their sales, control their expenses and
reduce their risk.
Newtek’s and its portfolio companies’ products and services
include: Business Lending, SBA Lending Solutions, Electronic
Payment Processing, Technology Solutions (Cloud Computing,
Data Backup, Storage and Retrieval, IT Consulting), ecommerce,
Accounts Receivable Financing & Inventory Financing,
Insurance Solutions, Web Services, and Payroll and Benefits
Solutions.
Newtek® and Your Business Solutions Company®,
are registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking
StatementsThis press release contains certain
forward-looking statements. Words such as “believes,” “intends,”
“expects,” “projects,” “anticipates,” “forecasts,” “goal” and
“future” or similar expressions are intended to identify
forward-looking statements. All forward-looking statements involve
a number of risks and uncertainties that could cause actual results
to differ materially from the plans, intentions and expectations
reflected in or suggested by the forward-looking statements. Such
risks and uncertainties include, among others, intensified
competition, operating problems and their impact on revenues and
profit margins, anticipated future business strategies and
financial performance, anticipated future number of customers,
business prospects, legislative developments and similar matters.
Risk factors, cautionary statements and other conditions, which
could cause Newtek’s actual results to differ from management’s
current expectations, are contained in Newtek’s filings with the
Securities and Exchange Commission and available through
http://www.sec.gov/. Newtek cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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