FrontStream Payments a leading provider of payment solutions to small and medium-sized businesses, today announced the acquisition of Direct Technology Innovations. Terms of the deal were not disclosed.
"In April, we announced our first round of funding and said we would use the money to rapidly become a market leader through strategic acquisitions," said Emmet Seibels, CEO and Co-founder, of FrontStream Payments. "Direct Technology Innovations is a perfect fit for us in that they immediately strengthen our market footprint in the core areas of ‘quick service' restaurants and ground transportation."
Founded in 2001 and based in Fort Lauderdale, FL, DTI is a recognized industry leader in providing advanced technology solutions and services. DTI has also cultivated numerous and substantial preferred vendor relationships, as well as a solid Agent/ISO sales channel. Their three primary business offerings are:
- Swipe N' Go: DTI's exclusive program that speeds up transaction time at the register by allowing the merchant to process credit cards without the need of a customer signature for any purchase under $25. There is also no liability to the merchant for any transaction under $25.
- Mobile Ticketing Solutions: With more than 100,000+ transactions per month in the ground transportation segment, the Mobile Ticketing Solution delivers Real Time Inventory Control and Payments capability, enhanced customer loyalty and reductions in fraud and theft.
- Click to Go Online Ordering: Enables customers, via a laptop, PDA or cell phone, to place orders for pick-up at a select time and at a specific location. This capability enables a restaurant to maximize its efficiency & capacity while increasing the accuracy of orders and improving customer loyalty.
"We have been very selective in choosing an acquiring partner," said Edward Slominski, CEO of Direct Technology Innovations. "We felt our technologies and market relationships would dovetail neatly into FrontStream Payments solutions and overall industry vision. From our first conversation, there was an immediate comfort zone that existed in our relationship."
Marc Scheipe, President and Co-founder of FrontStream Payments, said that the DTI business unit and its employees would continue to be based in Ft. Lauderdale and that Slominski will become part of FrontStream Payment's management team.
"Our acquisition strategy is to find companies that excel in defensible niche markets and work hard to expand on what they have built," said Scheipe. "Further, we are looking for great people who have a desire to build something larger together. We are excited about partnering with the DTI management team."
Noblett & Associates acted as the financial advisor to Direct Technology Innovations.