General Payment Systems, Inc.
Acquired by TouchPay Holdings, LLC
San Francisco, California
Spectrum Acquisitions, Inc. (Spectrum) is pleased to announce another successful closing with the sale of its client General Payment Systems, Inc. dba EZ Card and Kiosk (GPSI) to TouchPay Holdings, LLC.
Spectrum was retained to help GPSI pursue a sale with a strategic partner that could leverage the asset to drive a clear competitive advantage in the market and also provide best-in-class service to its customers. The transaction included the sale of GPSI's portfolio of correctional contracts and the proprietary software and hardware.
General Payment Systems, Inc. provides electronic payment processing solutions for government agencies. While this transaction involved the sale of GPSI's technology and assets servicing the corrections industry, GPSI retained its products and services focused upon municipal agencies involving virtually any payments, including but not limited to child support, tickets, probation and courts.
TouchPay Holdings, LLC is an industry leader in fully automated electronic payment solutions.