GreenBox Acquires Northeast Merchant Services for $2.5M Cash

GreenBox POS (NASDAQ: GBOX) acquired merchant credit card processing services provider Northeast Merchant Services for $2.5 million in cash and an earn-out provision of $0.5 million based on achieving specific revenue targets.
Northeast Merchant Services offers countrywide merchant credit card processing services focused on the New England and upstate New York region. It also provides low-cost solutions to merchants who want a full-service provider.
This acquisition will help GreenBox build a significant retail book for adding more e-commerce accounts, GreenBox CEO Fredi Nisan said.
GreenBox held $35.7 million in cash and equivalents as of March 31, 2021.
Price action: GBOX shares traded lower by 1.78% at $10.21 on the last check Tuesday.