Cronus Partners LLC is pleased to announce it acted as the exclusive financial advisor to CAM Commerce Solutions, Inc. (CAM Commerce), a portfolio company of Great Hill Partners, in the sale of its point-of-sale (POS) software division to Robertson Piper Software Group (RPSG). The former payments processing division of CAM Commerce, now operating under the name Accelerated Payment Technologies, Inc. (Accelerated), remains a privately held portfolio company of Great Hill Partners and will continue to offer payment processing solutions, including the leading X-Charge solution, to retailers, healthcare providers and others requiring stable and secure payment processing. The divested POS business, which will retain the CAM Commerce brand and operate under the name CAM Commerce Solutions LLC, will continue to design, develop, market and service integrated retailing and POS solutions to small and medium-sized businesses. It will continue to be a referral partner to Accelerated for integrated payment processing.
“The sale of the POS business completes our transformation into a 100% focused integrated payments company,” said Roy Banks, Chief Executive Officer of Accelerated. “Unlike our competitors, we can leverage our long history and experience in POS software development to more fully extend the benefits of our integrated payment platform to meet the payment processing needs of any POS software application.”
Alan Canzano, Managing Director of Cronus Partners, added, “It was very important to Great Hill Partners and the Accelerated management team that the thousands of customers of the POS business be able to continue to enjoy the leading mid-market retail automation suite and services that CAM Commerce has provided for years, and we feel that will happen with this transaction and that the POS business will continue to thrive in RPSG’s stewardship.”
Great Hill Partners is a Massachusetts-based private equity firm with $2.7 billion under management. The firm seeks to partner with middle-market companies operating in high growth sectors in the financial technology, business services, Internet, healthcare, media, communications, software, and transaction processing sectors. Accelerated is a leading, next generation integrated payment technology company providing secure payment solutions and relationship-based engagement through its unparalleled partner program. The company innovates, markets and services its own middleware, card present gateway and security payment technologies, to provide a highly flexible platform and a single integration point. Accelerated delivers best-in-class support and customer service while shouldering the PCI compliance burden for its partners and merchant customers. Robertson Piper Software Group is a national holding company that acquires, manages, and builds mature enterprise and middle-market software businesses.
About Cronus Partners
Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus is an independent investment banking firm that provides financial and strategic advisory services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally.
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