Billserv and CyberStarts Sign Definitive Agreement to Acquire Billserv, Inc. Electronic Bill Presentment and Payment Assets
Tuesday May 20, 11:21 am ET
ATLANTA and SAN ANTONIO, May 20 /PRNewswire-FirstCall/ -- CyberStarts, Inc., a leading financial
services technology holding company and Billserv, Inc. (OTC Bulletin Board: BLLS - News) the leading
Electronic Bill Presentment and Payment (EBPP) Outsourced Solution Provider announced today that
the companies have executed a definitive agreement by which CyberStarts will acquire certain assets
of Billserv, Inc.
"Billserv is becoming a part of CyberStarts, but we will keep the Billserv name due to its strong brand
recognition in the marketplace," said Ashish Bahl, President and CEO of CyberStarts. "Billserv, when
combined with CyberStarts current operations, will be part of a profitable payments management
enterprise, whose over 100 associates, serves +1,000 clients, and delivers $20 Million in annual
sales."
Michael Long, Chairman and CEO of Billserv said "We are very enthusiastic about this transaction and
are pleased to know our customers and employees are now aligned with a financially strong and
technically qualified company such as CyberStarts."
With this important step completed, Billserv, Inc. will now prepare a shareholder proxy to be submitted
to the Securities and Exchange Commission for comments. The final step will be a vote to approve the
transaction by Billserv shareholders. We anticipate this process to be completed within some 30 to 45
days, thereby concluding the transaction in late June. Upon approval by shareholders, Billserv will
change its corporate name and stock symbol.
Under the agreement, CyberStarts will pay $4.8 million to purchase certain Billserv assets, including
the Australian Joint Venture between Salmat and Billserv. Billserv will continue operations, supporting
customers until the close of the transaction, after which, it will focus on building a new market presence
to include both multi-channel payments and ISO (credit card payment) operations. Billserv will continue
to operate its Bills.com consumer bill payment portal. These operational enhancements and the move
to a new business model will ensure that shareholders have an opportunity for value in the future. . .
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