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Payments Powerhouse Payroc Acquires Strategic Payment Systems

Payroc and its affiliates announced that it has acquired Strategic Payment Systems.

(PRWeb August 10, 2020)

Read the full story at https://www.prweb.com/releases/payments_powerhouse_payroc_acquires_strategic_payment_systems/prweb17311077.htm

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Payroc Acquires Strategic Payment Systems

We are extremely excited to have SPS join our growing family that make up the new Payroc. Our strategy of combining technology that drives strong organic growth alongside smart strategic acquisitions makes SPS a perfect partner – Joe Natoli, EVP of Mergers and Acquisitions at Payroc

Payroc LLC and its affiliates (“Payroc”), a leading merchant acquirer and global payment processing organization, announced today that it has acquired Strategic Payment Systems, Inc. (“SPS”) Canton, MA.

Jon Stevens, the President of SPS shared “we have always been an aggressive and forward-looking payments company and we were looking for a partner with likeminded objectives. Payroc’s full-service payments technology and acquiring platform is ideally suited to navigate SPS into the high-growth world of integrated payments, payment facilitation and international processing, while delivering all our sales partners and merchants fundamental and reliable core payment processing solutions. Jon’s partner and co-founder Rick Pylant, CEO and past ETA Board Member and President continued, “the technology and product capabilities of Payroc of course checked all the boxes, but, it still comes down to people. Our long-term relationship with the Payroc team, especially Jim Oberman and Joe Natoli, goes back over 20 years. We have always valued our business relationship and friendship, and now look forward to being partners in our future success.”

“We are extremely excited to have SPS join our growing family that make up the new Payroc. Our strategy of combining technology that drives strong organic growth alongside smart strategic acquisitions makes SPS a perfect partner,” said http://joe.natoli@payroc.com Joe Natoli, EVP of Mergers and Acquisitions at Payroc.

Jim Oberman, President and CEO of Payroc stated, “We have known and worked closely with the team at SPS for over two decades. They fit and complement our growth strategy perfectly and will leverage our differentiating payment technology, in-house processing capabilities, and experienced support team. I am looking forward to once again winning with the team at SPS.”

Payroc is backed by private equity firm Parthenon Capital who assisted Payroc in completing this acquisition.

Alex Wayman, managing Director of Boston based Estabrook Advisors Boston, MA, acted as advisors for SPS.

About Payroc

Payroc and its affiliates, with offices in Chicagoland, Atlanta, Toronto, Whitefish, Montana and Salt Lake City is a high-growth American, Canadian and international merchant acquirer, processor and payment facilitator powerhouse operating in 46 countries, processing over $29 billion in annualized volume for more than 66,000 merchants. Payroc offers best-in-class sales enablement and merchant processing technology on a global basis, delivering proprietary, innovative and full-service merchant acquiring solutions together with key card brand network payment sponsorship registrations. Payroc LLC, together with its wholly-owned affiliate Payroc Processing Systems, LLC, is a registered Visa third party processor (TPP), Mastercard third party servicer (TPSV), payment facilitator (payfac) and encryption support organization (ESO) for Fifth Third Bank, an Ohio-chartered bank, Cincinnati, Ohio (“Fifth Third”). Payroc LLC is a registered independent sales organization (ISO/MSP) for Fifth Third and Wells Fargo Bank, N.A., Concord, California (“Wells”). NxGen, one of Payroc’s companies, is an Elavon payments partner and registered as an ISO/MSP of Elavon, Inc., Georgia, a wholly owned subsidiary of US Bank Minneapolis. The company’s Canadian business unit is a registered ISO/MSP of Wells and Peoples Trust Company, Vancouver, Canada. For more information, please visit payroc.com or telephone 844-PAYROC-4.

About Parthenon Capital

Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, please visit parthenoncapitalpartners.com.

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Source: https://www.prweb.com/releases/payments_powerhouse_payroc_acquires_strategic_payment_systems/prweb17311077.htm

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” The Leapfunder Note is a sensible and attractive way to place capital in start-ups in the Netherlands “

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Source: https://www.leapfunder.com/companies/237

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iCapital Network celebrates reaching milestones in its European and Asian expansion efforts

From: FinTech Global Alternative investment FinTech iCapital Network is celebrating reaching a series of milestones in its expansion into the European and Asian markets. The WealthTech platform is created to drive access and efficiency in alternative investing for the asset and wealth management industries. The growth across the European and Asian markets comes hot on […]

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From: FinTech Global
Alternative investment FinTech iCapital Network is celebrating reaching a series of milestones in i

Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/icapital-network-celebrates-reaching-milestones-in-its-european-and-asian-expansion-efforts.html

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Medtech venture investment continues climb globally

Investors pumped $5.05bn into start-ups in growing fields such as surgical robotics, telehealth and cancer blood testing in the third quarter

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Global venture capital funding of medical technology continued its climb last quarter, with investors pumping $5.05bn into start-ups in growing fields such as surgical robotics, telehealth and cancer blood testing, industry data show.

Third-quarter venture investment rose about 4.7% from the $4.83bn that medtech start-ups raised in the second quarter, and by more than 63% from the $3.09bn they secured in the third quarter of 2019, according to data from market tracker CB Insights.

Venture funding jumped despite the novel coronavirus pandemic, which forced hospitals to postpone elective surgeries and hamstrung some companies that had been seeking to launch their products.

Yet many companies raising venture capital this year are still developing their technology and haven’t been affected by the slowdown, said CB analyst Marissa Schlueter.

Investors also haven’t let the pandemic dissuade them from betting on the potential of robotics to improve surgery and on new blood tests that could enable earlier cancer detection. In August, for example, San Francisco-based Freenome Holdings collected $270m to pursue regulatory approval for a blood test to detect colorectal cancer and Massachusetts-based Vicarious Surgical, which applies virtual reality and robotics to minimally invasive surgery, took in $13.2m.

Some medtech start-ups have fielded rising interest in their technology during the pandemic, including telehealth companies and those with tests or devices that can combat the new virus.

This month, for example, telehealth concern 98point6, a provider of virtual primary care services based in Seattle, disclosed a $118m financing.
CB Insights considered a variety of medical technology companies in its analysis, including those seeking to diagnose, treat, monitor or prevent diseases.

A strengthening market for medtech initial public offerings and acquisitions also is encouraging venture investment. In the third quarter, 40 medtech companies were acquired and 14 went public, according to CB Insights. That is up from 37 acquisitions and 13 IPOs in the second quarter. In the third quarter of 2019, 28 companies were acquired and 15 went public.
Companies’ ability to raise venture capital enables them to remain private longer and put themselves in a stronger position for an IPO, said Tom Shehab, a managing partner with Arboretum Ventures.

California-based Eargo, which sells hearing aids that fit inside the ear, incorporated in 2010 and began operations in late 2012. On Friday, 16 October, the company, which has raised more than $206.6m in venture capital according to Crunchbase, went public at $18 a share. The stock leapt 87.1% to close at $33.68.

Eargo posted $28.6m in net revenue for the six months ended 30 June, nearly doubling the $14.4m in net revenue it reported for the same period of 2019, according to a regulatory filing.
In the company’s early days, relatively few venture firms focused on medtech, chief executive Christian Gormsen said. But in raising the company’s most recent venture round earlier this year, he spoke with about 100 investors, he said.

Eargo, which sells hearing aids directly to patients, fits a growing trend toward consumers playing a larger role in their healthcare, which also increased its appeal to investors, he said. “Medical technology as a category is getting more and more attention from venture capital,” Gormsen said.

From The Wall Street Journal

Source: https://www.penews.com/articles/medtech-venture-investment-continues-climb-globally-20201027

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