Moneris Solutions Announces Strategic Acquisition of Keycorp Canada Inc.

TORONTO - Moneris Solutions, Canada's largest processor of credit, debit and gift card payments, announced it has entered into an agreement to acquire Keycorp Canada Inc. (KCI). The deal is expected to close at the end of April.

Montreal-based KCI employs a staff of approximately 300 and provides point-of-sale (POS) service and support to small and large customers across Canada, as well as providing technical service and support to a number of leading Canadian acquirers, solution providers and merchants. KCI also provides technical service and support to the Societe des Loteries Videos du Quebec for its video lottery terminals.

"The acquisition of KCI, a leading specialist in the areas of integrated POS service and support, allows Moneris to integrate these offerings completely into our portfolio of payment services, adding further value to our merchant customer base," says Jim Baumgartner, President and CEO, Moneris Solutions.

Moneris will work with its existing customer base to explore opportunities to further support their POS and Electronic Cash Register (ECR) solutions. At the same time, KCI currently has a solid customer base that Moneris is committed to providing with the same high level of service and support, while looking for opportunities to expand and grow this customer base and the complementary services that are offered in this market.

"The synergies between our business and KCI's business will bring real benefits to our collective valued customers and we look forward to demonstrating our continued commitment to the industry over the coming months," says Baumgartner