Teledraft Buys Stake in Pacific Coast Mortgage

Teledraft Inc., an electronic payment processing company based in Tempe, Ariz., has acquired a stake in the privately held Pacific Coast Mortgage Inc., Scottsdale, Ariz., for an undisclosed amount.Teledraft said the move is one of several aimed at shifting its core business into the financial services market. "Their business model and ours are complementary," said Teledraft president Al Slaten. "The goal is for us to learn more about the mortgage business model, how it works, and where it works." The companies can be found online at http://www.teledraft.com and http://www.pcmaz.com.