Chexar to buy CPI
Chexar has announced it is to acquire CPI.
Chexar Networks could be investing in merger and acquisition consultants to support its proposed takeover of Clear Payments (CPI).
A letter of intent for the purchase has been signed by Chexar Networks and the deal is predicted to be closed by the end of the month.
CPI is a market leader in mobile and remote deposit capture solutions and its technology is utilised by Chexar throughout its operations, including in funds settlements and imaging technologies.
Founder and chairman of CPI Randy Simoneaux declared: "This acquisition formalises a relationship that grew very strong over the past several years."
"This transaction is a natural for us both," Chexar chief executive officer and founder Drew Edwards noted.
He pointed out the two firms work together almost as if the enterprises are already one single company.
For example, the brands recently jointly developed a smartphone application that allows consumers to determine if a cheque will be cashed before utilising the payment method.
Posted by David Gleck
Source: Chexar press release, June 11th