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June 9, 2011, San Ramon, California---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.
To arrange an interview with Jim Jones or Will
Tumulty:
Please contact Gary Douglas at (949) 464-9301 or
email:
media@accountnowinc.com
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