NEW YORK — Newtek Business Services, Inc. has purchased a merchant portfolio from Axeus, Inc. a product and services provider that focuses on technology for small businesses and consumers.
The $2 million transaction involves approximately 1,000 national retail merchants through Carlsbad, Calif.-based Axeus, according to Newtek. The acquisition was brokered through the consulting firm of The Strawhecker Group.
"We are opportunistically looking to acquire portfolios at the right price and believe the market for these acquisitions may improve as credit conditions tighten," said Barry Sloane, chairman and CEO of Newtek.
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Newtek counts credit unions among its clients and has a partnership with CUNA.
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