Vantiv Completes Acquisition of Litle & Co.
Acquisition Leverages and Diversifies Vantiv's Scale, Distribution Channels and Support Services
Significantly Increases Vantiv's eCommerce Capabilities and Expands Customer Base
Positions Vantiv in Fast Growing eCommerce Market
CINCINNATI, Dec. 3, 2012 /PRNewswire/ -- Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, has completed its acquisition of Litle & Co., a leading independent eCommerce payment processor, providing a fully-integrated payments solution for companies that sell goods and services to consumers over the internet and through direct response marketing. Litle & Co. serves leading eCommerce and consumer-direct brands, including Overstock.com, Ancestry.com, Gilt Groupe, Guthy-Renker, ShopNBC and Wayfair.com.
"This is an exciting day as it marks an important step in Vantiv's growth and expansion," said Charles Drucker, President and CEO at Vantiv. "Our newly combined companies and our expanded solutions will provide even more value to our clients. Businesses and financial institutions should 'Expect More' from their processing partner. Vantiv provides that added value. We are pleased to welcome Litle & Co.'s impressive team, their channel partners and their valued customers to our family."
The acquisition of Litle & Co. significantly increases Vantiv's capabilities in eCommerce, expands and diversifies its customer base of online merchants, and enables the delivery of Litle's innovative eCommerce solutions to Vantiv's merchant and financial institution clients. The combined company will offer merchants a "one-stop" suite of Point-of-Sale, eCommerce and Direct Response payment processing solutions.
Under the terms of the agreement, Vantiv paid $361 million in cash, including $50 million drawn from its existing revolving credit facility. Litle & Co. will operate as a subsidiary of Vantiv, LLC and will maintain its location in Lowell, Massachusetts. Vantiv is headquartered in Cincinnati, Ohio.
About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV) is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit www.vantiv.com.
About Litle & Co
Litle & Co. is the payment processing and intelligence engine behind leading ecommerce and consumer-direct brands, including Overstock.com, Ancestry.com, Gilt Groupe, Guthy-Renker, ShopNBC and Wayfair.com. An authority in card-not-present payments, transaction processing and merchant services, Litle & Co. powers the payment processing engines for leading brands that sell directly to consumers through multichannel and internet retail, online services, subscription-membership models and direct response marketing. The company is committed to creating customer success through Voice of the Customer initiatives, including Net Promoter Score (NPS), and won 2010 and 2011 Stevie® Awards for eCommerce Customer Service and Product and Service Innovation respectively. For more information, visit www.litle.com.
This press release contains forward-looking statements related to Vantiv, the ecommerce market and the potential benefits of the Litle acquisition. Forward-looking statements involve risks and uncertainties, and actual events or results could differ materially from those discussed. Statements that are not historical facts, including management's expectations regarding future events and developments, are forward-looking statements and are subject to significant risks and uncertainties. Factors that could cause actual events or results to differ materially from those expressed in or implied by these forward-looking statements include general economic conditions, future performance and integration of acquisitions including Litle, the ability to keep pace with rapid developments and change in our industry and provide new services to our clients, competition within our industry, reductions in overall consumer, business and government spending, a decline in the use of credit, debit or prepaid cards, failures of our systems or the systems of our third party providers, disclosure of unauthorized data or security breaches, inability to expand our market share in existing markets or expand into new markets, increased attrition of our merchants, independent sales organizations or referral partners, and the factors discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Vantiv's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and in Vantiv's other filings made hereafter from time to time with the SEC, copies of which may be obtained by visiting the company's Investor Relations web site at http://investors.vantiv.com or the SEC's web site at (www.sec.gov). The forward-looking statements included in this press release represent Vantiv's views as of the date of this press release. These forward-looking statements should not be relied upon as representing Vantiv's views as of any date subsequent to the date of this press release. Vantiv undertakes no intention or obligation to publicly update or revise any forward-looking statement to conform the statement to actual results or to changes in our expectations, whether as a result of new information, future events or otherwise.
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Lynn M. Rhoads, Senior Vice President
Nathan Rozof, Senior Vice President
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SOURCE Vantiv, Inc.