KORT PAYMENTS ANNOUNCES ACQUISITION OF BARNET TECHNOLOGIES

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Sep 12, 2024, 08:00 ET

Acquisition adds payment processing functionality to Barnet's best-in-class software, leading to streamlined operations, accelerated growth and economies of scale

TORONTO, Sept. 12, 2024 /PRNewswire/ - KORT Payments (KORT), a leader in specialized omnichannel payments, has taken a major step in expanding its technological capabilities with the acquisition of Barnet Technologies (Barnet), a renowned Canadian software company known for its comprehensive point of sale (POS) systems, tailored to regulated industries. Barnet has built a reputation for excellence and reliability in the licensed liquor sector with its 'all-in-one' POS system that integrates a wide range of functionalities, from supplier and inventory management to e-commerce.

The acquisition of Barnet aligns with KORT's aggressive growth strategy and commitment to providing innovative solutions to businesses across North America. In this new chapter, the KORT team will focus on scaling Barnet's technology and integrating it with their own payment platform to provide a holistic solution for clients, ultimately accelerating the company's growth. The new integrated system will not only provide added value to existing customers but also generate new recurring revenue streams for KORT.

"We established KORT with a mission to identify strategic opportunities in new verticals and our acquisition of Barnet signifies the beginning of this exciting next phase," said Joel Leonoff, Chairman and CEO of KORT Payments. "Barnet has an exceptionally thorough understanding of regulated industries and a robust technology platform which will serve as a strong foundation as we work to integrate and optimize their product offerings."

"Barnet has always been focused on delivering reliable and efficient solutions to our clients and with KORT's resources and expertise, we can expand our offerings and bring greater value to our current and future customers," said Olena Dubina, Founder and CEO of Barnet Technologies. "This acquisition will also enable us to increase the investment in our core offerings and broaden our reach, especially as the market for licensed and regulated businesses continues to grow."

The transaction underscores KORT's ongoing commitment to identify and capitalize on high-potential opportunities within integrated software platforms and payment services. The company is well-positioned to continue its trajectory of aggressive expansion, technological innovation, and delivering exceptional value to its clients and partners in the rapidly evolving fintech landscape.

About KORT Payments

KORT Payments (KORT) is a specialized omnichannel payments platform. Its core purpose is to enable businesses to connect and transact seamlessly through industry-leading capabilities in compliance, risk management, and payment processing.

KORT is powered by its innovative full-stack, enterprise-grade platform and led by a seasoned management team. For more than 200 years collectively, this team has been leading the charge in global e-commerce and payment processing.

KORT is a customer-focused business dedicated to enhancing partner and customer satisfaction and building strong relationships. It partners with its customers to pair its risk tolerance with their unique processing needs.

For more information about KORT Payments, please visit www.kortpayments.com.

SOURCE KORT Payments