Transaction Services Group to be merged with US-based payment solutions provider Clearent
Private equity firm Advent International has announced the merger of two of its portfolio companies, Transaction Services Group - the global provider of business management software and integrated payments for the subscription economy and Clearent - a US-based payment solutions provider.
With the combined entity to be relaunched as Xplor Technologies, a statement from Advent International advised that the definitive merger agreement will “create a superior global platform designed to integrate software, payments, and commerce-enabling solutions for specific vertical markets”.
Commenting on the merger, TSG Chief Executive, Floris de Kort stated “this is a highly complementary combination of applications and platforms that are well positioned to empower businesses that operate in ‘everyday life’ verticals, which are growing rapidly because they are so important to consumers around the world.
“This transaction will enable us to better leverage the advantages of our global breadth with our hyper-local expertise. We will invest in and commercialize our product innovations more effectively, such as our suite of mobile apps, so that we can continue to help our clients eliminate friction and deliver better experiences to their consumers and small businesses.”
The new company will also provide a range of commerce-enabling solutions such as CRM and loyalty program applications, online learning and training software, consumer engagement mobile apps, employee service delivery mobile apps, and billing and account management services that help businesses thrive and prosper by maximising customer engagement and optimising operations.
Advent Managing Partner, Chris Egan added “we have strong conviction in the compatibility of these two companies and their ability to create a category leader.
“We’ve been extremely pleased to see such significant growth in both Clearent and TSG over the past few years, and we believe this combination will further accelerate our expansion into new markets and geographies and better capitalize on the accelerating digitization in our end market verticals.”
Xplor will be headquartered in Atlanta, Georgia, USA with operations across North America, Australasia, Europe, and the United Kingdom employing over 2,000 people.
The combined business will work together to continue serving over 82,000 businesses that processed over $27 billion in payments, operating across 158 countries in 2020.
Image credit: Advent International.
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