Benzinga | May 25, 2021 09:59AM EDT

GreenBox Acquires Northeast Merchant Services for $2.5M Cash

* GreenBox POS (NASDAQ: GBOX) acquired merchant credit card processing services provider Northeast Merchant Services for $2.5 million in cash and an earn-out provision of $0.5 million based on achieving specific revenue targets.

* Northeast Merchant Services offers countrywide merchant credit card processing services focused on the New England and upstate New York region. It also provides low-cost solutions to merchants who want a full-service provider.

* This acquisition will help GreenBox build a significant retail book for adding more e-commerce accounts, GreenBox CEO Fredi Nisan said.

* GreenBox held $35.7 million in cash and equivalents as of March 31, 2021.

* Price action: GBOX shares traded lower by 1.78% at $10.21 on the last check Tuesday.