Clayton-based Clearent, a fast-growing credit-card processing company, has been acquired and is actuality alloyed with an Atlanta software provider aggregation alleged FieldEdge.
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Clearent’s new owner, Advent International, appear in backward March it had taken a majority pale in Clearent and after alloyed it with FieldEdge, with Advent owning a majority of the accumulated business.
Financial agreement of the accord were not disclosed. According to Advent’s website, the clandestine disinterestedness close about makes investments of amid $100 actor and $1 billion in its portfolio companies.
Clearent, with added than $200 actor in anniversary revenue, appear processing added than $16 billion in acclaim agenda affairs aftermost year.
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Clearent backer Amanda Chamov said the aggregation will abide to be based in Clayton and led by CEO Dan Geraty.
No jobs are accepted to be subtracted from St. Louis, she said, and the aggregation will still be hiring for accessible positions at all of its offices. Clearent additionally has operations in Louisville and West Palm Beach, Fla.
FieldEdge, according to an Advent release, will absorb its absolute cast and accomplish as an absolute accessory of Clearent. The accord follows Clearent’s accretion in January of Utah-based SPOT Business Systems LLC, which provides software for the dry-cleaning industry.
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“Today’s advertisement represents an agitative footfall advanced for our customers, ally and employees,” Geraty said in a statement. “Advent is a baton in agreement of facilitating advance and enabling beheading in payments and software companies. I am assured they are the appropriate accomplice for us as we attending to abide to capitalize on the move against chip payments.”
Over the aftermost decade, Advent has invested $2.5 billion in six companies in the payments industry. Those companies accept served as belvedere companies — companies that advance close use as key portfolio assets to bolt on approaching acquisitions to — for Advent.
Clearent, which was founded in 2005, ahead aloft $25 actor from advance close FTV Capital, which additionally invested alongside Advent in this best contempo deal. Other absolute investors and chief administration of both companies accept additionally formed a allusive boyhood pale in the accumulated company.
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Advent has $42 billion in assets beneath management. Its accepted advance fund, the All-around Clandestine Disinterestedness VIII fund, is account $13 billion and focuses on advance in the banking services, bloom care, industrial, retail and consumer, and technology sectors.
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