05:10 PM EDT, 03/27/2024 (MT Newswires) -- Quisitive Technology Solutions Inc. ( QUISF ) , a Microsoft Cloud and AI solutions provider, that saw its shares jump 5.6% from near 52 week lows today, after trade Wednesday entered into a definitive stock purchase agreement dated March 27, 2024, pursuant to which Quisitive has agreed to sell its BankCard USA Merchant Services, Inc. business unit to BUSA Acquisition Co., a Nevada incorporated entity owned by a consortium of current employees of BankCard, including Shawn Skelton, Scott Hardy and Jason Hardy, as well as other arm's length third parties.

According to a statement, the transaction simplifies the company into a pure-play Microsoft Cloud and AI Solutions Provider, with an improved financial profile including a US$35 million debt reduction, pro-forma adjusted EBITDA of US$16.4 million and "meaningful growth" initiatives in Microsoft Artificial Intelligence Services and recurring revenue.

Mike Reinhart, Chief Executive Officer of Quisitive, in a statement said. "The divestiture of PayiQ and the Bankcard payments business allows management to focus on the growing market demand for Microsoft Cloud and AI solutions and services. We will continue to evaluate strategic options available to the company to further enhance its growth, development, and prosperity in the short and long terms with the goal of maximizing shareholder value."

BankCard will continue to be led by Shawn Skelton as CEO, Scott Hardy as President, and Jason Hardy as COO, with Felix Danciu joining as CFO. William Hui-Chung Chang will also join as Chairman and both Vijay Jog and Gary Prioste as board members, in addition to the four executives as board members.