PPI sells $20m stake to BlackRock
10 November 2005 | 2188 views | 0
Source: Payment Processing Incorporated
Payment Processing, Incorporated (PPI), the industry leader in integrated payment processing, announced today it has sold a minority stake in the company to the private equity arm of New York based investment firm BlackRock, Inc (NYSE: BLK).
The transaction will infuse investment into PPI over the next two years and enable PPI to expand through technology development, facility expansion and acquisition. The transaction closed on October 31.
"We are excited about the strategic value that partnering with BlackRock, and with Patrick Olson and his team, bring to PPI," said Chuck Smith, PPI President and CEO. "It was clear from our first discussions that we share the same enthusiasm for the high growth potential in the integrated transaction processing market."
PPI delivers integrated payment solutions to the marketplace by leveraging partnerships with software developers and assisting in the creation of integrated payment processing solutions for their applications. With over 10 years of technology integration experience and the recent launch of the exclusive PPI PayMover payment gateway, PPI has produced hundreds of integrated processing solutions. Vertical markets PPI serves include back office accounting, CRM, retail, restaurant, local and municipal governments, utility billing, property management, and healthcare.
"The dynamic combination of PPI's superior business model, market opportunities and leading-edge technology with the strong management team that Chuck has built made a compelling justification for our investment," stated Patrick Olson, Managing Director at BlackRock, Inc.