SAN RAMON, Calif., June 9, 2011 /PRNewswire/ -- Jim Jones, CEO of AccountNow, Inc., today announced that the AccountNow Board of Directors has approved a merger with Ready Financial Group, Inc., Nampa, Idaho. The combined company will continue to operate using both brand names and continue operations in San Ramon and Nampa. Jim Jones will be the CEO of the combined company to be known as AccountNow. Will Tumulty, Ready CEO, will become Chief Marketing Officer of the combined firm. Ready shareholders will convert to AccountNow shareholders and elect a representative to serve on the AccountNow Board of Directors.
"AccountNow, Inc. attributes its remarkable success to a strong value proposition and well planned and executed hyper-targeted direct marketing campaigns. We have great respect for Ready Financial Group as an innovator creating new ways for consumers to access financial services and to address the consumer payment needs of their commercial clients. Working together, we will be larger, expand our product lines to include payment card applications for commercial customers and have an increased talent pool to accelerate our development," said Jim Jones, CEO.
The transaction is expected to close later this month. Integration of the companies is expected to begin immediately and be complete by year end. There are no site closures or material staff reductions planned at either location.
"This is a combination that is focused on accelerating growth. By bringing together these companies we will be able to leverage one set of development activities across a wider distribution network, and utilize best practices of both firms. We will have brands that will complement one another rather than compete with one another," said Will Tumulty, newly named AccountNow CMO.
About AccountNow, Inc.
AccountNow, Inc., San Ramon, California, has rapidly grown its reloadable consumer prepaid debit card business, to more than $2 billion dollars in annual transaction volume, by offering features and benefits traditionally reserved for customers with banking relationships. Reloadable prepaid debit cards were created for the estimated 40 million unbanked and underbanked U.S. consumers, but the marketplace is evolving rapidly. AccountNow's customer direct deposit usage is one of the highest in the industry. The senior managers of AccountNow have decades of experience in commercial banking, consumer lending, payment processing and marketing banking products primarily with Bank of America and Providian Financial Services.
About Ready Financial Group, Inc.
Ready Financial Group, Inc., Nampa, Idaho, builds and markets general purpose and special purpose debit card products for consumers and commercial customers. The company was formed in 2007, and its principals previously had responsibilities for Capital One card marketing and collection programs. Like AccountNow, Ready has material existing partnership agreements with MetaBank, The Bancorp Bank, FIS and Visa. READYdebit™ is its prepaid card and online bill payment/check writing service.
SOURCE AccountNow, Inc.