Stephen D. Kane Joins Sterling Payment Technologies, Inc.

Finance Industry Veteran to Head Business Development and Mergers and Acquisitions for National Payment Processor

TAMPA, Fla.--(BUSINESS WIRE)-- Sterling Payment Technologies, Inc. President and CEO Paul Hunter today announced that Stephen D. Kane has joined the company as Senior Executive Officer, Business Development, Mergers and Acquisitions and been appointed to its Board of Directors.

“Steve is a very strong addition to the seasoned management team at Sterling,” said Hunter. “Steve’s extensive merger and acquisition experience, along with his strong relationship with numerous major private equity companies, will help to accelerate Sterling’s already strong organic growth and enhance the significant operational expertise of the company.”

Mr. Kane, who has invested in Sterling, will be responsible for identifying and executing mergers, acquisitions, arranging financings and establishing a relationship with a major private equity partner for Sterling Payment, an area in which he has extensive experience. He has completed over 160 acquisitions in the last 25 years and has worked with a number of the leading private equity firms in the U.S. In addition, Mr. Kane has served on the boards of ENDATA Corporation (NASDAQ:NDATA), First Financial Management Corporation (NYSE:FFM), PMT Services (NASDAQ:PMT), NOVA Corporation (NYSE:NIS) and First American Payment Systems, LP.

Mr. Kane first developed his business management and acquiring skills during his 15-year tenure at American General Life Insurance Company, the fourth largest stock life insurance company in the U.S. In 1984, he joined a small group of executives who completed a leveraged buyout of an American General technology subsidiary, NLTCS, took it public (NASDAQ:NDATA) and grew it substantially through multiple acquisitions. In 1987 he sold Endata to FFMC, then one of the fastest growing public companies in the U.S. and focused on the transaction processing industry. FFMC became the largest U.S. merchant acquirer as the parent company of NaBanco, and also owned TeleCheck, Western Union, MicroBilt and several other major companies. While at FFMC, Kane served in positions of increasing responsibility and ultimately became Vice Chairman and Chief Administrative Officer directing all business development and administrative activities of FFMC. In late 1995, FFMC was sold to First Data Corporation for $7.1 billion.

In 1997, Kane formed his own business-consulting firm, Stephen D. Kane Enterprises, L.L.C., where he has assisted in numerous public and private company mergers and acquisitions.

In April 1999, Kane founded International Payment Services, L.L.C. (“IPS”) with GTCR Golder Rauner L.L.C., a private equity firm, and acquired NPC’s Check Service Division to form International Check Services, which became, through acquisitions, the third largest check guarantee firm in the U.S. before being sold to TeleCheck. He then served as Chairman and CEO of iShopSecure, Inc. (now Verid, Inc.), an identity verification and authentication solutions company serving both the credit card and financial services industries. Mr. Kane sold iShopSecure to C/max Capital, a Florida based private equity firm, and then along with C/max sold Verid to EMC Corporation (NYSE:EMC).

In June 2003, he joined First American Payment Systems, LP as Senior Executive Vice President, Business Development, Mergers and Acquisitions and became a Director of the company. First American then completed six strategic acquisitions and expanded from 30,000 merchants to approximately 115,000 merchants with 6 distinct sales/distribution channels composed of 24 company owned corporate sales offices, approximately 700 company employed direct sales agents, 60+ channel partners servicing the non-profit industry and over 700 ISO independent/agent relationships and is now the sixth largest privately held processor.

Mr. Kane holds a Bachelor of Science degree from the University of Alabama, and did graduate work at the University of Illinois and Alabama. He received a Doctor of Jurisprudence Degree from the University of Alabama School of Law. Mr. Kane currently serves on the University of Alabama Law School Foundation Board of Directors.

About Sterling:

Founded in 2001, Sterling Payment Technologies is a leader in the electronic payment industry. Sterling is nationally recognized for bringing the latest payment technology, products and services to small and regional businesses quickly and affordably.

Sterling provides merchants with a complete range of electronic payment services, including credit, debit, PIN debit, fleet, gift card, rewards and loyalty programs, electronic benefits transfer (EBT), and check authorization and conversion.

Sterling offers 2-second IP and dependable dial processing, fast and secure web reporting, 24/7 live support, custom applications, and the highest security standards in the industry. Sterling’s ExpressLane PLUS is a revolutionary integrated cash register with communication and reporting features not found in cash registers purchased off the shelf. Sterling processes payment transactions for all major credit, debit and fleet card networks, including Visa, MasterCard, Discover and American Express.

Sterling Payment Technologies, Inc.Stephen Kane, Direct: 813-371-8205 or Office: 813-637-2106
[email protected]

Source: Sterling Payment Technologies