CHICAGO, ILLINOIS — Tidal Commerce, an innovative financial technology and payment processing company, today announced the acquisition of Merchant Bancard Processing (MBP), a fast-growing merchant services company based in Los Angeles, Calif. The acquisition affirms Tidal Commerce’s vision and will accelerate its position as a national leader in merchant services.
“We couldn't be more excited to join forces with the talented team at MBP,” said Drew Sementa, Founder and Chief Executive Officer of Tidal Commerce. “Over our 15-year history, Tidal Commerce has emerged as one of the most forward-thinking companies in the payments industry. The addition of MBP will complement and strengthen Tidal Commerce’s portfolio as we focus on providing merchants, associations and banks unmatched cost savings, software and support. The MBP team has built an incredible reputation with their merchants and partners and we are pleased to add their existing customer relationships to our growing national footprint.”
“Tidal Commerce’s vision and values align extremely well with our own and a merger between the two companies just made sense,” said Michael J. Cavallaro, Co-Founder of MBP. “The addition of MBP’s team and assets will make additional resources available to Tidal Commerce as they rapidly scale their business operations. Today’s announcement marks the start of a new era for MBP and is a testament to the value we created and the strength of our team. Combined, Tidal Commerce will be able to accelerate the pace of software innovation and serve the needs of our clients and partners.”
Merchant Bancard Processing’s Vice President of Sales, Arthur Hoffman, will join Tidal Commerce upon completion of the transaction and lead Tidal Commerce’s business development operations. Tidal Commerce will appoint Merchant Bancard Processing’s Co-Founders, Alexander Renzi and Michael Cavallaro, as members of the Tidal Commerce board following closing.
This latest development continues what has been a historic growth year for Tidal Commerce.
Bishota Law PLCC served as advisor to Tidal Commerce in this transaction. MJC Partners, LLC and MAPP Advisors served as financial advisors and Karavas Kiely Schloss & Whitman LLP as legal counsel to Merchant Bancard Processing.
About Tidal Commerce, Inc.
Tidal Commerce makes payment processing transparent and accessible to businesses and partners of all sizes. Founded in 2006 as a full-service processor, Tidal Commerce has grown to provide a wide range of merchant services and technologies, partner with financial institutions and nonprofits, and develop innovative in-house software. Tidal Commerce is employee and family-owned and offers award-winning U.S.-based technical support.
About Merchant Bancard Processing
Merchant Bancard Processing (MBP) offers best-in-class products and services for businesses to accept all forms of payment. Whether in-store or online, a small boutique or international corporation, their solutions drive revenue, decrease cost and improve data security for businesses.