InComm Not for Sale; Bloomberg Article Incorrect (May 11, 2015)
Last week Bloomberg, the financial news provider, published an article quoting anonymous sources suggesting that InComm is pursuing a dual-track process that could lead to an outright sale of the payments technology company. As InComm is a major player in prepaid worldwide, Paybefore wanted more details, so we contacted Scott Meyerhoff, InComm’s COO and CFO. Meyerhoff tells Paybefore that Bloomberg got it wrong.
In an exclusive interview, Meyerhoff tells Paybefore that the company is not for sale, not planning to sell and has not engaged any third party to contemplate or pursue a sale. “It’s speculation and it’s wrong,” he says. “We’re focused on taking care of our customers, pursuing acquisition opportunities, driving commerce and continuing to expand our business. What we’re not doing is reaching out to potential buyers, nor are we planning to reach out to potential buyers, as the article claims. We’re certainly flattered by the attention, but it’s simply incorrect.”
The article, which appeared in BloombergBusiness, contended that the other part of the dual-track process is a $400 million IPO to launch in the second half of the year.
On the IPO issue, Meyerhoff tells Paybefore that InComm has not officially engaged anyone in connection with an IPO. He concedes that InComm has longstanding relationships with a number of investment banks and that company executives meet regularly with bankers as a matter of due course.
“Investment bankers offer us their counsel—and we listen,” Meyerhoff says. “We’ve been doing this for years and we’d be foolish not to listen.
“As for current plans for an IPO, we’re stewards of this business and we’re continuously contemplating options,” he adds. “In light of current trends in the capital markets, we’ve increased our diligence on this topic. If market conditions are right, we’d certainly consider an IPO—just as other companies in our line of business have done. This is a topic of discussion we have every year, and the level of interest is driven by market conditions.”