PayCommerce gets investment

Source: PayCommerce

PayCommerce, provider of a cloud-based platform for universal business payments, today announced that Philadelphia-based entrepreneur Leighton "Lee" Yohannan has made a significant capital investment in the company and will serve as chairman as the company extends its marketing efforts and accelerates business growth.

Yohannan is currently director emeritus and founder of Wayne, PA-based LiquidHub, a systems integrator and technology strategy consultancy with revenues of more than $60 million annually, which was acquired by a private equity firm in late 2007. Previously he was owner and Chief Executive of The Reohr Group, Inc., a $55 million global technology consultancy that was acquired and later formed Broadreach Consulting.

"We're delighted that Lee has invested in the PayCommerce vision and will take an active role partnering with the management team as we execute our go-to-market strategy," said PayCommerce CEO/Founder Abdul Naushad.

PayCommerce earlier this month unveiled a cloud-based Business Process Management as a Service (BPMaaS) platform that enables resellers to provide small-to-medium sized businesses (SMBs) with a solution to automate receivables and payables and integrate the processing and global settlement of virtually all forms and types of payments.

"I am excited by PayCommerce's ability to leverage the cloud seamlessly across the entire financial services value chain, but most important to me is the quality of the team Abdul has bonded together," Yohannan said. "Our focus is on managing the business to profitability driven by revenue growth, tight capitalization and debt management, which will allow us to further productize and exploit market opportunities timely."

Yohannan is a resident of Malvern, PA., and has applied his entrepreneurial leadership experience to both the Delaware Valley business and charitable communities. In 2006, he was regional Ernst & Young Entrepreneur of the Year and nominated for National recognition in Palm Springs, CA. He is a Wharton Fellow, University of Pennsylvania.

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