Banc of California Announces Acquisition of Deepstack Technologies NYSE-listed financial services provider, Banc of California recently confirmed that it has acquired the payments platform and technology of Global Payroll Gateway and its wholly owned subsidiary Deepstack Technologies. According to the details shared by Banc of California, the total value of the acquisition stands at around $24 million. The amount has been paid in cash and stock. Deepstack is headquartered in Florida. Banc of California noted that Jayme Amirie will continue as the President of Deepstack. 70% of the total consideration has been paid in cash while the remaining 30% has been paid through the company’s common stock. The entire staff of Deepstack has joined Banc of California. While highlighting the strategic and financial benefits of the latest acquisition of Deepstack, Banc of California mentioned that it will diversify the bank’s revenue mix. Commenting on the acquisition, Jared Wolff, President and Chief Executive Officer of the Banc of California, said : “The acquisition of Deepstack expands our business into payment processing and furthers our strategy to grow fee-based income in a scalable and meaningful way.