New company to serve five fast-growing verticals spanning everyday life activities. Transaction combines two Advent International portfolio companies.
Clearent, a full-service, integrated payment solutions provider based in the United States and Transaction Services Group (TSG), a global provider of business management software and integrated payments for the subscription economy, today announced that they have entered into a definitive merger agreement. TSG and Clearent, both portfolio companies of Advent International (“Advent”), one of the world’s largest private equity firms and a leading investor in payments technology, are combining to create a superior global platform designed to integrate software, payments, and commerce-enabling solutions for specific vertical markets.
The resulting company will be relaunched as Xplor Technologies serving over 82,000 businesses that processed over $27 billion in payments, operating across 158 countries in 2020. The group’s offering combines enterprise software solutions for businesses in five industry verticals – Education, Health and Fitness, Boutique Wellness, Field Services and Personal Services – and a global, cloud-based processing platform that allows clients to seamlessly and securely process payments for their services.
Source: StreetInsider
