Sage Global Solutions has announced that it will acquire PrimeStar Marketing, as part of a strategic move to restructure the company's business plan.
Sage will divest itself of some of its mortgage and insurance service operations to focus on providing essential money services to the insurance carriers, third party administrators, self-insured benefit trusts and consumers with limited access to banking services.
Joey Sanchez, CEO of PrimeStar Marketing, will replace Henry Davidson as president of Sage Global Solutions. Henry Davidson and Andrew Kondo will also resign their positions as officers and directors of Sage Global Solutions. Mr Davidson and Mr Kondo will continue to assist Sage Global Solutions, on an ongoing basis, as it develops its business models.
Joey Sanchez, incoming president of Sage Global Solutions, has over 25 years of experience as an entrepreneur developing his own business enterprises and advising/consulting clients on strategic direction and financial performance, business management, and mergers/acquisitions.
For consumers, PrimeStar, through its PrimeStar Financial Centers, will offer a low cost version of a full service bank branch, with an innovative, multi-faceted money services product to segments of the population that the current financial system fails to reach.
Joey Sanchez said, Our PrimeStar Financial Center addresses the needs of the 40 million, unbanked and underbanked marketplace. We will deliver to this market segment a convenient, service driven, value-based, provider of essential financial services within their local community.