Australis Capital Inc (CSE:AUSA) (OTCMKTS:AUSAF), which operates and builds differentiated cannabis companies, has inked a non-binding letter of intent to acquire payment services provider Paytron LLC.
Paytron will continue to operate as an independent sales organization (ISO) while also becoming the payment branch for Cocoon Technology LLC, an Australis portfolio company that provides self-service technology to cannabis companies.
The firm offers merchant services, including credit and debit card processing, secure gateway processing, point of sale hardware, card terminals and business loans.
As part of the acquisition, the company announced that Marc Ruben will join the AUSA team as vice president of payments.
"Through our acquisition of Paytron and the addition of Marc Ruben and his team, Cocoon Technology will be positioned to bundle self-service technology, payment processing technology and ISO referral networks across North America," Senior Vice President Cleve Tzung said in a statement. "These existing relationships will aid in the growth of Cocoon Technology sales while providing dispensaries with an even more robust self-service solution."
Ruben brings a wealth of sales experience and an experienced team with him, the company said. He previously worked at Bank of America Merchant Services, SunTrust Merchant Services and First Data Canada.
"I'm very excited to be bringing over 20 years of expertise in the payments space to AUSA," Ruben said. "I look forward to rapid growth as we bring our existing partnerships to the AUSA family."
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