Source: Cardinal Commerce
CardinalCommerce, the world-leader in enabling remote commerce (internet, mobile, etc.), today announced that it has completed a private equity transaction for growth capital with Primus Capital Funds. Primus acquired a minority interest in the Company on December 14, 2012, and will join Cardinal's Board of Directors.
"We are very excited about securing private equity capital so that we can accelerate our growth and more quickly achieve our strategic objectives," said Mike Keresman, Chief Executive Officer CardinalCommerce. "Our partnership with Primus is truly monumental for our stockholders, employees and Customers. This capital will enable Cardinal to expand our sales and distribution capabilities, extend our industry-leading technology and support commercializing our broad and deep intellectual property portfolio. Primus brings their demonstrated experience, expertise and know-how and is a welcomed addition to our team."
Jonathan E. Dick, Managing Director at Primus, commented, "The continued worldwide rapid growth of ecommerce and mobile payment transactions place incredible pressure on the payments supply chain to provide more effective fraud protection and interoperability with historical enterprise systems. CardinalCommerce is uniquely positioned to help merchants, gateways, banks and processors meet these demands by virtue of its market-leading industry partnerships and the Company's proprietary, patented SaaS solutions. We look forward to working closely with CardinalCommerce to take advantage of its numerous growth opportunities."