BankServ acquires assets of Commerciant

SAN FRANCISCO, May 4, 2009 – BankServ, worldwide experts in electronic payments, announced today that it has acquired the assets of Commerciant, a provider of mobile, handheld payment processing hardware and processing technology located in Houston, Texas. The acquisition includes key patents in the mobile payments industry.

Commerciant's Mobilescape® wireless payment system can execute credit card and check transactions anyplace in the U.S. where a wireless phone signal is available. The acquisition includes key patents in the mobile payments industry. Mobilescape technology is deployed in a variety of markets, including airlines, ground transportation, residential repair services, food services and mobile merchants.

The acquisition of Commerciant's assets strengthens BankServ's portfolio of electronic banking systems for financial institutions and businesses:

• Integration of the Mobilescape technology with BankServ's DepositNow product will create the industry's first system that can process and manage payments made by paper check, credit card or electronic check anywhere a merchant does business: the office, the Internet, or from employees in the field.
  
  
• Commerciant's existing agent and ISO relationships provide BankServ a wide and proven channel to increase the penetration of BankServ products, and will give those reseller organizations powerful new ways to increase their sales.
  
  
• To BankServ's existing bank partners, Mobilescape technology represents a powerful, new tool to attract business deposits and increase recurring revenue while improving the services provided to business clients.

"This acquisition gives BankServ a complete suite of products that enables businesses to collect payments however they touch their customers — in the office, on the Internet or even at their customers' homes," said David F. Kvederis, BankServ's president and CEO. "The assets of Commerciant transform BankServ's technology into a powerful platform for taking just about any kind of payment — anywhere. And, using our extensive integration with accounting software such as QuickBooks® and Peachtree®, businesses can receive, post and reconcile payments with unprecedented speed and convenience."