Payment Processing, Inc. Acquires Assets of Paradata Systems

Payment Processing, Incorporated (PPI), the industry leader in integrated transaction processing, has acquired substantially all of the assets of Paradata Systems. The transaction, which added 15 employees, closed on January 6, 2006. Financial details were not disclosed.

Founded in 1995 and headquartered in Whistler, B.C., Paradata has applied its award- winning expertise in software development, transaction processing, and world-class service and support to meet the payment needs of any US and Canadian business. Paradata’s payment system provides support for card-present and card-not-present payment, enables merchants to securely process credit card and e-check transactions and is easily integrated into any application.

The Paradata payment system will be used to enhance the PPI PayMover payment gateway which was released in March 2005 and to provide Canadian processing support. The PPI PayMover payment gateway, development level services and unlimited on-going support is available to software developers without charge.

“The addition of the Paradata technology gives us the ability to accelerate our development plans and provide software developers with a single payment gateway and integration point for all payment types, as well as provide services to Canadian businesses,” said Chuck Smith, PPI’s CEO.

In addition to leading payment technology, PPI also obtains important gateway development and operations employees from Paradata. These experienced resources will enable PPI to provide development partners with substantial new payment functionality and integration support. This new team will be lead by Shannon Byrne, Paradata System’s CEO and co-founder.

“We were impressed with the experience and level of professionalism we found in the Paradata team and are excited to welcome them to PPI,” said Smith. “We are equally excited about adding Shannon to the management team. She has been a major force in the payments industry for years and will provide PPI with great vision in directing our payment technology plans,” added Smith.

According to Shannon Byrne, Paradata’s CEO, “I am thrilled about joining the PPI team. PPI’s integrated payment processing business model is clearly the future for payment processing. We are confident that the investment and advances we have made in payment technology will provide significant benefit to PPI.”