WINTER HAVEN, Fla., December 7, 2006 — Vesta Corporation, a pioneer in value-added payment solutions, has acquired Point and Pay, Inc. a leader in electronic payments for county and municipal governments.
The combination diversifies Vesta's offerings to address electronic payments for utilities and government entities. Vesta brings the scale, fraud controls and industry leading security of Vesta's multi-billion dollar payment volumes to Point and Pay's high growth convenience payments business. Vesta's business proposition for serving its Fortune 500 clients globally includes compliance with all of the payment card industry's stringent security requirements for accepting electronic payments — a feature which will be extended to Point and Pay's clients.
"We have long sought the right set of assets to enter the convenience payment space. Point and Pay has the agility, platform flexibility and expertise we have been looking for," said Vesta's CEO Doug Fieldhouse. "With Vesta's expertise in payments and security, Point and Pay will be freed up to develop and deploy innovative applications and focus its efforts on improving services for existing clients as well as attracting new clients."
Point and Pay counts over 60 counties and municipalities as clients in the Southeastern USA and, with Vesta, will work to expand the service over the next year. Of the partnership, Point and Pay Founder Gary Francis said, "We could not ask for a better partner to accelerate our expansion plans. Vesta's blue-chip client list brings us the credibility we need to compete in a dynamic marketplace."
Headquartered in Portland, Oregon, USA, with operations in China and Europe, Vesta is a pioneer and worldwide leader in virtual payments. Vesta utilizes proprietary authentication and fraud screening measures in managing its clients' electronic payment programs, and provides secure, privacy-assured payment alternative to end users. Vesta has been recognized by Inc. magazine as one of America's fastest growing privately owned companies for five years running. Vesta's clients include AT&T, Cingular Wireless, China Mobile, China Unicom, T-Mobile USA, MCI, IDT, Sprint and numerous banks. For more information on Vesta Corporation, email info@trustvesta.com.
Point and Pay, Inc. is an innovative electronic payments service provider accepting payments via multiple channels ranging from IVR to the Web. Over the past six years Point and Pay has established itself as a market leader in consumer fee-based payments for county and municipal governments in the Southeastern USA. Point and Pay accepts credit card, debit card and electronic check payments for county taxes, DMV registrations and renewals, municipal utilities and a variety of other public services. For more information, visit www.pointandpay.com or email questions to info@pointandpay.com.
Joshua Rush
Director, Marketing
Vesta Corporation
info@trustvesta.com
+1 503.790.2500