May 16, 2005, 12:00 AM

iPayment CEO Greg Daily proposes to buy company for $640 million

Veteran credit-card processing executive and entrepreneur Gregory S. Daily, is offering to buy iPayment Inc., the payment processing company he now heads as chairman and CEO, for close to $640 million in cash, iPayment said today.

 

Veteran credit-card processing executive and chairman and CEO of payment processing company iPayment Inc. Gregory S. Daily is offering to buy iPayment for close to $640 million in cash, or $38 per share, iPayment said today.

IPayment, based in Nashville, TN, provides credit and debit card processing services, including Internet transactions, to more than 130,000 small merchants, up from about 92,000 a year ago. For the first quarter ended March 31, it reported revenues of $163.4 million, up 49% from about $80 million in the year-earlier period.

Daily, who joined iPayment as chairman and CEO in February 2001, has juggled investment management and payment processing executive positions for several years. In 1984, he co-founded and served as president of credit card processing company PMT Services Inc. Following PMT’s sale to payment processing company Nova Corp. in September 1998, Daily served as Nova’s vice chairman until May 2001.

Since 1997, he has also served in senior executive positions of investment firms Hardsworth LLC and Caymas LLC.

 

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