Drake Enterprises Sells Tax-Related Financial Transaction Provider to MetaBank
Last week, Meta Financial Group, Inc. and its subsidiary, MetaBank, announced the acquisition of EPS Financial LLC, a wholly-owned subsidiary of Drake Enterprises, Ltd. The Meta Financial Group press release noted that the purchase of EPS Financial from Drake Enterprises was for roughly $42.5 million – half in Meta Financial stock and half in cash – and would close in the fourth quarter of 2016.
EPS Financial, LLC is a tax-related financial transaction provider specializing in refund settlement products, prepaid payroll cards, and merchant services. EPS has processed more than $10 billion in financial transactions since being founded in 2009.
About Meta Financial Group
Meta Financial Group, Inc. (MFG) is the holding company for MetaBank®, a federally chartered savings bank. MFG shares are traded on the NASDAQ Global Select Market® under the symbol CASH. Headquartered in Sioux Falls, SD, MetaBank operates in both the Banking and Payments industries through: MetaBank, its traditional retail banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, its tax refund-transfer software division.
About Drake Enterprises
Drake Enterprises, Ltd. and its wholly-owned subsidiary, Drake Software, LLC, has provided tax preparers with efficient, reliable software to prepare and electronically file both federal and state tax returns for nearly 40 years. Over 50,000 tax professionals trust Drake for the tools they need to build and sustain their business. Best known for its award-winning customer service, Drake continues to develop innovative solutions for its loyal, passionate clients. Drake Software is headquartered in Franklin, North Carolina, and all of its development and customer service teams are located in the U.S.A.