San Antonio CEO addresses getting COVID, PPP loan and his company s role during pandemic
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Louis Hoch, CEO and president of Usio Inc., forecasts about $50 million in sales this year.Lisa Krantz /Staff photographer
San Antonio-based Usio Inc. may not be a household name, but it operates in the background of a lot of people’s lives.
Usio is a payment processor. Its technology is embedded in other companies’ software and is, for instance, used by tens of thousands of doctors’ offices to facilitate payments.
“A lot of times you’ll use us and you won’t even know it,” CEO and President Louis Hoch said. “But we sit in the middle of a payment transaction and take money from a consumer or business and pay out the business.”
San Antonio s Usio acquires Information Management Solutions assets
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Louis Hoch is CEO and president of San Antonio-based Usio Inc.Courtesy photo
Usio Inc., a San Antonio-based provider of electronic payment processing services, announced Wednesday it has acquired the assets of Information Management Solutions LLC.
The purchase price was a combination of $5.9 million and warrants. The warrants give IMS shareholders the rights to buy Usio stock at a price of $4.23 and within a term of five years after vesting. The warrants will vest in three annual installments of 315,200 on the anniversary of the issue date. Usio’s shares closed unchanged at $1.99 Wednesday.
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