CoCard-Pipeline Data Deal Off

Published December 01, 2008, 2:00 a.m. EST

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Updated December 01, 2008, 1:00 a.m. EST

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Pipeline Data Inc. has dropped its plan to acquire CoCard Marketing Group LLC for $79.5 million. In a Nov. 18 U.S. Securities and Exchange Commission filing, the Quincy, Mass.-based payments processor says it canceled the deal because it was unable to get $50 million in funding from Comvest Investment Partners, a West Palm Beach, Fla.-based private investment firm, to help finance the acquisition of the independent sales organization. Pipeline Data announced the deal in May (CardLine, 5/20). Pipeline Data and CoCard officials were unavailable to comment. Decatur, Ga.-based CoCard now bills itself as CoCard Merchant Services, according to its Web site.

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