Mercury Payments Systems Files For $100 Mln IPO

(RTTNews) - Mercury Payment Systems, Inc. Friday filed for an initial public offering to raise up to $100 million. The company intends to use the net proceeds to purchase Holdings Units and shares of Class A common stock from existing owners.

Mercury is a provider of payments technology and services in the U.S. and Canada. Calling its class of technology solutions as IPOS or Integrated Point-of-Scale, the company embeds the payments technology into third-party software applications used by small and medium-sized merchants. As part of its market strategy, the company partners with providers who develop and sell IPOS systems.

In 2013, the company had about 88,700 merchants and had processed payments volume of more than $34 billion. Mercury had earnings of $42.7 million on a net revenue of $237.3 million in 2013. The company's revenue are generated mainly on a per transaction basis from fees paid by merchants.

Mercury Payments Systems plans to list on the Nasdaq under the symbol MPS. The company, however, did not specify the number of shares or the estimated price range.

J.P. Morgan Securities LLC, Barclays Capital Inc and Morgan Stanley & Co. LLC are acting as joint book-running managers of the offering and as representatives of the underwriters.