Financial Information Technologies Announces Strategic Investment from TA Associates
August 20 2018 - 6:30AM
Business Wire
Financial Information Technologies, LLC (“Fintech”), the leading
provider of invoicing, electronic payment and analytics solutions
to the beverage alcohol industry, announced today that it has
received a strategic investment from TA Associates and Luminate
Capital Partners, building on the initial 2016 investment by
Luminate. Financial terms of the transaction were not
disclosed.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180820005136/en/
Fintech is partnering with TA and Luminate to enhance its
leadership role in the beverage alcohol market through new product
innovations and strategic acquisitions. Fintech created the first
electronic payment solution for regulated beverage alcohol and has
expanded its products to offer proprietary analytics tools to help
its customers improve their business operations in myriad ways.
Today, Fintech’s products are used daily by more than 120,000
retail locations and over 3,500 beverage alcohol distributors
throughout the United States.
“TA Associates is very experienced in electronic payment and
financial technology markets, and we are delighted to welcome them
as a new investor,” said Tad Phelps, President of Fintech. “The
firm has a strong track record of partnering with management to
accelerate organic growth and complete strategic acquisitions. We
look forward to working closely with TA and Luminate to accomplish
our goals, while enhancing the value that we bring to retailers and
distributors.”
“Fintech is the market leader enabling more efficient commercial
transactions and improving business decisions in the complex and
regulated beverage alcohol market,” said M. Roy Burns, a Managing
Director at TA Associates who will join the Fintech Board of
Directors. “With its unique place in the market, we believe that
there is a significant opportunity to build on Fintech’s strengths
to meet the demands and expectations of its retail and distributor
customers. We are thrilled to partner with Tad and the entire
Fintech organization, alongside Luminate.”
“Fintech has excellent customer retention and satisfaction, and
we are excited about the new products that the team is developing,”
said Clara M. Jackson, a Senior Vice President at TA Associates who
will also join the Fintech Board of Directors. “The beverage
alcohol market has many unmet needs that we believe Fintech is
well-positioned to address.”
“Fintech has continued to extend its leadership position in the
two years since we initially invested in the company,” said Hollie
Haynes, Founder and Managing Partner at Luminate Capital Partners
who will remain on the Fintech Board of Directors. “We expect
Fintech to be able to leverage the expertise that TA has developed
through its long history of backing high growth market
leaders.”
“Fintech is a tremendous company and we are excited to extend
our relationship and continue to build on this powerful franchise,”
said Scott Kingsfield, Operating Partner at Luminate Capital
Partners who will serve as Chairman of the Fintech Board of
Directors. “We welcome TA to the Fintech Board and have high
expectations for what we can achieve together.”
Goodwin Procter provided legal counsel to TA Associates,
Kirkland & Ellis provided legal counsel to Luminate Capital
Partners, and Holland & Knight provided legal counsel to
Fintech.
About Fintech
Fintech, the leading solutions provider for beverage alcohol
management, and regulatory information resource, offers a
OneSource® solution with a suite of profit-building products and
services for alcohol distributors and retailers. With decades of
industry experience, Fintech empowers users with information to
increase margins and maximize operating efficiencies within their
beverage alcohol category. By anticipating client needs, nurturing
relationships and growing partnerships within the industry, Fintech
continues to deliver cutting-edge, strategic solutions that range
from purchase order, reconciliation and data reporting, to pricing
and promotion communication, compliance adherence and regulatory
resource connectivity. Fintech manages over 510,000 industry
relationships and services more than 3,500 distributors nationwide.
For more information on Fintech, visit www.fintech.net.
About TA Associates
Now in its 50th year, TA Associates is one of the largest and
most experienced global growth private equity firms. Focused on
five target industries – technology, healthcare, financial
services, consumer and business services – TA invests in
profitable, growing companies with opportunities for sustained
growth, and has invested in nearly 500 companies around the world.
Investing as either a majority or minority investor, TA employs a
long-term approach, utilizing its strategic resources to help
management teams build lasting value in growth companies. TA has
raised $24 billion in capital since its founding in 1968 and is
committing to new investments at the pace of $1.5 to $2 billion per
year. TA’s more than 85 investment professionals are based in
Boston, Menlo Park, London, Mumbai and Hong Kong. More information
about TA Associates can be found at www.ta.com.
About Luminate Capital Partners
Luminate Capital Partners is a private equity firm focused on
making investments in growing enterprise software companies.
Luminate partners with management teams to provide flexible capital
and operational support to drive strategy, accelerated growth and
build long-term value. With headquarters in San Francisco, Luminate
invests in portfolio companies that serve customers globally.
Representative investments to date include AMTdirect, Comply365,
Conexiom, Fintech, Oversight Systems, PDI and StarCompliance. For
more information, visit www.luminatecapital.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180820005136/en/
For TA Associates:TA AssociatesMarcia O’Carroll,
617-574-6796mocarroll@ta.comorBackBay CommunicationsZachary
Tramonti,
617-391-0797zachary.tramonti@backbaycommunications.comorFor
Fintech:FintechMisha Hart, 800-572-0854
(x3827)mhart@fintech.netorFor Luminate Capital Partners:Chris
Tofalli Public RelationsChris Tofalli,
914-834-4334chris@tofallipr.com