Pay By Touch secures $130 million in new financing

Pay By Touch secures $130 million in new financing

Biometric authentication firm Pay By Touch Solutions has secured $130 million in new financing.

Seventy-five million dollars was raised in senior secured notes with major investments from New York based hedge fund Och-Ziff Capital Management, which led the financing, and San Francisco based Farallon Capital Management. Other participants included Plainfield Asset Management. UBS Securities acted as placement agent for Pay By Touch Solutions.

The additional $55 million was raised in a convertible promissory notes offering with major investments from three of the Getty Trusts, Ron Burkle - founder and managing partner of The Yucaipa Companies, and Rembrandt Ventures, among others.

John Rogers, founder, chairman and CEO of Pay By Touch Solutions, comments: "The additional funding allows us to continue development of secure biometric products and services as well as to pursue strategic acquisitions in vertical markets."

With the closing of the financing, the company also announced that it has acquired the assets of ATM Direct, including its patent-pending software for online shoppers to securely use their PIN debit cards or ATM cards on the NET.

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