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Quisitive Technology Solutions is selling its  payments business PayiQ, formerly known as LedgerPay, to investment firm, Fulcrum IT Partners.

The deal, expected to be completed by the end of the year, is worth $27 million with a possible earnout of up to $!8 million and, according to Quisitive, will also save $12 million a year in capital costs. The development of the payments business had been a high-profile effort for the company, which will now concentrate on its Dynamics ERP business. Although still in its early stages Quistive’s payments business was a substantial part of its revenue, reaching $50 million in 2022, up from $26.7 million in 2021. The Global Cloud Solutions operation, which included Dynamics was $187.3 million for 2022, compared to $96.7 million for 2021. The press release described the deal “leverages Fulcrum’s substantial resources and its strong retail industry customer relationships, providing PayiQ with avenues for growth, including payments-focused mergers and acquisitions.” Quisitive will provide transition support services “including IT, finance and human resources to assist with Fulcrum’s PayiQ commercialization efforts.” Quisitive will have a position on the board of directors of Fulcrum’s payments business with its CEO Mike Reinhart serving a role as a board member. The sale involves issuing 27,000 shares of Fulcrum Payments to Quisitive, which will convert to common shares on the third anniversary of the deal if Fulcrum’s shares are publicly traded in Canada or the United States. If they are not, Quisitive has the right to purchase all or part of the shares.

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