LedgerPay Unveiled; Rev19 First Out of The Gate; Dunnhumby Go-to-market


  • QUIS announced the release of LedgerPay, a secure, Microsoft cloud-based payment processing and data insights platform.

  • LedgerPay is the only cloud-based payment processing platform to incorporate data collection and analysis with each transaction, thereby transforming payment transactions into beneficial, profitable, and actionable experiences for brick-and-mortar merchants such as grocers, quick serve restaurants (QSR) and big box retailers and their customers.

  • In addition, QUIS announced a strategic partnership and software licensing agreement with Rev19, a merchant services and financial technology company. LedgerPay empowers Rev19 to connect their merchants with consumer insights previously unavailable, offering merchants the ability to provide customers with improved experiences in stores and restaurants.

  • LedgerPay also announced a strategic go-to-market relationship with dunnhumby, a global leader in customer data science - offering a first-of-its-kind service for brick-and-mortar merchants such as QSRs, grocers, and other retailers.


  • We expect more LedgerPay announcements as QUIS works through its pipeline. Future deals could be a mix of SaaS-based revenue and annual license with maintenance and support.

  • QUIS will host a Virtual Investor and Analyst Meeting on April 8, 2020, featuring the LedgerPay, Microsoft and dunnhumby partnership.


On 2021E consensus estimates, QUIS is trading at an EV/Sales and EV/EBITDA of 1.0x/7.0x versus its North American IT Services and Global Payment Technology comparables trading at 1.3x/10.0x and 4.9x/12.7x, respectively.

We believe QUIS’s consulting business should trade in-line with IT Services companies at 1-1.5x EV/Sales, and 10-12x EV/EBITDA, and LedgerPay should trade in-line with Fin Tech companies at 5-6x EV/Sales, and 13-15x EV/EBITDA. Using a sum-of-the-parts (SOTP) calculation on 2021E estimates for QUIS yields a valuation in the $0.69-1.41 range.