Pay By Touch raises $60m
26 January 2006 | 5295 views | 0
US biometric authentication firm Pay By Touch has raised more than $60 million in new financing.
The vendor raised the funds through the sale of series C preferred shares to private investors.
Hedge funds Plainfield Asset Management and Scout Capital, plus private investors Quince Associates and Global Trust Partners were among those who participated in the deal.
John Rogers, founder, chairman and CEO of Pay By Touch, says: "The $60 million in new investment is particularly motivating because it includes such a high level of repeat investment."
Pay By Touch says the current funding will go towards continued development of its biometric products and services, in addition to pursuing complementary acquisitions such as health care, Internet, petroleum, convenience stores and quick service restaurants.
The latest investments bring the company's total to $190 million raised over the course of the past three months. As part of the financing, the company's prior round of convertible promissory notes was converted to the new series C preferred shares.
Previous financing has contributed towards the company's acquisitions of CardSystems, BioPay, Capture Resource, 7th Street Software and Covena.