On March 27, 2024, Quisitive Technology Solutions Inc. (TSXV: QUIS, OTCQX: QUISF) finalized the sale of its BankCard USA Merchant Services, Inc. division to BUSA Acquisition Co., a group including BankCard's employees and third parties, in a transaction worth US$40 million in cash. The deal, in conjunction with Quisitive's earlier divestiture of PayiQ, shifts the company's focus to its core Microsoft cloud and AI business, enhancing its financial position and streamlining operations.

The sale, outlined in a definitive stock purchase agreement, included the return and cancellation of 133,095,158 Quisitive Shares and the settlement of an earnout payment. The deal's financial and strategic benefits are significant, including a US$34.6 million debt reduction and pro forma Adjusted EBITDA of US$16.4 million as of December 31, 2023.

Advisors for the transaction were William Blair & Company, L.L.C. as financial advisor and Bass, Berry & Sims PLC and Cassels Brock & Blackwell LLP as legal counsel for Quisitive. Stikeman Elliott LLP and Shearman & Sterling LLP advised the Acquiror, while McDermott Will & Emery LLP served as legal counsel for the Lenders.