GreenBox POS Acquires Sky Technologies, Begins Onboarding of Over a $1B Book of Business
SAN DIEGO, CA. -- August 13, 2018 -- InvestorsHub NewsWire -- GreenBox POS, LLC (USOTC: GRBX), ("GreenBox", "the Company") is pleased to announce the acquisition of Sky Mids Technologies ("Sky"), development and processing Corporation. Sky's transactional platform specializes in robust and secure payments processing. The company has been utilizing GreenBox's revolutionary payments system, QuickCard, as its main payments infrastructure for some time and the experience has been exceptional for both companies. The speed, accuracy, security, privacy and extendibility of QuickCard and its TrustGateway technology, as well as its inherent resistance to fraud, have been a great addition to Sky's services and its clients' experience. Additionally, GreenBox has had the opportunity to see how its system functions on a much larger scale and stress test its ability to improve efficiencies in an existing framework. Sky proved to be an excellent candidate with their large processing volumes, giving the Company opportunity to measure just how much more efficient their Blockchain powered solution can be. As expected, the results are astounding. The system is fraud-resistant and has measurably improved system efficiency over previous models.
Sky's transactional book of business, Capable of processing over $1 Billion annually, will selectively be added to GreenBox's infrastructure volume. The acquisition of Sky adds more than just volume to GreenBox POS business; The Company will also absorb Sky's staff, consisting mostly of engineers, and a host of technology already developed under Sky, who is already familiar with the Quick Card system. This should make for both an easy transition and fast launch into additional joint capabilities.
Ken Haller, CEO of Sky, will be appointed to GreenBox's Senior Vice President, Payment Systems, following the
acquisition.
"This is a great opportunity for both GreenBox and Sky," said Ben Errez, Executive Vice President of GreenBox. "We have been working with Sky for a while now and are thoroughly impressed with their technology and capabilities. Their engineers are top notch and I am confident the synergy will continue to add to the plethora of new technologies we have brought, and will continue to bring, to market. GreenBox's unparalleled infrastructure sets new and much higher expectations by both businesses and consumers. Following the Sky acquisition, we will be able to accelerate the pace by which the thousands of new business applications are processed, and the best selected to join our ecosystem and enjoy the benefits of our technology".
