Greenville’s ScanSource Inc. has completed its acquisition of Sacramento, Calif.-based POS Portal, a distributor of payment devices and services primarily to the small and medium-sized business market segment.
For the first full year after closing, POS Portal net sales are estimated to total approximately $110 million, according to a news release. ScanSource funded the initial cash purchase price of approximately $144.9 million, subject to working capital and other customary adjustments, through borrowings under its revolving credit facility. The agreement includes a cash earn-out payment up to $13.2 million to be made on Nov. 30, based on POS Portal’s earnings before interest expense, taxes, depreciation and amortization for the trailing 12 months ending Sept. 30.
“We acquired POS Portal to expand our high-value capabilities and market reach across all payment channels,” said Mike Baur, ScanSource CEO, in the release. “We want to make it easier for our customers to enter the payments business or grow their payments offerings.”
Buzz Stryker, co-founder and CEO of POS Portal, and Scott Agatep, company COO, along with the POS Portal team, will join ScanSource. POS Portal will be a part of the Worldwide Barcode, Networking and Security segment, the release said.