Equitex Agrees to Acquire Key/Nova

Share this article:
Equitex Inc., Englewood, CO, yesterday said it has agreed to acquire Key/Nova Financial Systems Inc., Clearwater, FL, which processes and services credit cards marketed through the Internet, direct mail and telemarketing for several financial institutions. The price of the cash-and-stock acquisition was not disclosed.


Equitex, Edwood, CO, markets credit card products through its subsidiary, First TeleServices Corp., Atlanta. The company said the acquisition would help position it to become an "online financial solutions provider to consumers."


In addition to providing processing and call center support for other companies' credit card products, Key/Nova Financial Systems also markets credit cards to consumers who have little or no credit history. Its Pay As You Go card works like a debit card -- consumers must have money in an account to be able to use it. After two years, consumers can switch to a traditional credit card.


Equitex said that as part of the acquisition agreement, it would spin off some of its non-financial-services assets. It also has a previously announced agreement to merge with First TeleBanc Corp., Boca Raton, FL.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Opinions

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Opinions

When Marketing and Sales Collide: Answers

When Marketing and Sales Collide: Answers

The head of marketing operations is doing just as much selling as marketing, sans the commission her sales colleagues earn. How should she handle it? See how our readers would ...

App of the Week: RescueTime

App of the Week: RescueTime

RescueTime aims to help users become more focused and productive.

Defending Direct: Answers

Defending Direct: Answers

Miranda Bell knows her program will pay off but CEO Dasha Atwala says to nix it. What should she do?