Company prepares to solidify management team and fuel market expansion under the direction of industry veteran CEO Brent Warrington
Rockville, Md., July 24, 2012 – SecureNet Payment Systems, a leader in payment processing technology, announced today that Sterling Partners, a leading growth-oriented private equity firm with approximately $5 billion in assets under management, has led an additional $18 million growth equity investment in SecureNet.
“These additional investments validate our strategic vision to be a leader in payment innovation and will be used to further expand our eCommerce and strategic product initiatives and bolster our PCI compliance and fraud monitoring tool sets. With a focus on top talent recruitment and technology development, this investment will drive us toward our goal of becoming the preferred all-in-one payment management solution,” said Warrington.
SecureNet connects merchants, financial institutions and their customers by providing advanced payment technology to deliver a fully integrated, one-stop payment solution that is easy-to-use, secure and affordable for merchants of all sizes. The company processes more than $12 billion in transaction volume and services 14,000 merchants annually.
Shoshana Vernick, principal at Sterling Partners said, “Our investment in SecureNet is consistent with our strategy to partner with experienced industry leaders who are passionate about the companies they lead and are capable of inspiring accelerated growth. SecureNet’s unique Software as a Service (SaaS) technology platform has the potential to disrupt a large, mature marketplace and to serve as the catalyst for the continued evolution of multi-channel, seamless payments integration.”
That strategy is being led by CEO Brent Warrington, an industry veteran with 18 years of experience in advancing commerce in the electronic payments space. Prior to joining SecureNet, Mr. Warrington previously served as CEO of FundsXpress, an online banking company, and as senior vice president and general manager at First Data.
“We at Sterling are pleased to continue our partnership with Brent and have the utmost confidence in his ability to attract top talent, solidify the company’s technology advantage, and accelerate its market awareness and growth,” said Eric Becker, co-founder and senior managing director at Sterling Partners.
About SecureNet Payment Systems
From traditional payment processing to eCommerce solutions and electronic invoicing, SecureNet Payment Systems is the all-in-one payment solution. SecureNet makes accepting payments easy and safe regardless of where they originate with its robust, PCI-compliant payment platform. Empowering merchants to generate more revenue with smarter payment management tools, SecureNet processes over $12 billion in annual transaction volume and services 14,000 merchants. As a direct payment processor, SecureNet delivers cost effective solutions by passing on significant cost savings to merchants, resellers and partners. Connecting merchants, financial institutions and their customers since 1997, SecureNet delivers a fully integrated, one-stop payment solution that is easy-to-use, secure and affordable for merchants of all sizes. For more information, please visit us at www.SecureNet.com.
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the company’s stated purpose: INSPIRED GROWTHTM , which describes Sterling’s approach to buying differentiated businesses and growing them in inspired ways. Sterling focuses on investing growth capital in small and mid-market companies in industries with positive, long-term trends – education, healthcare, and business services. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of operations and functional experts based in the firm’s offices in Chicago, Baltimore, and Miami.
The people at Sterling believe in ideas and ideals, in people and partnerships that drive long-term success. For more information please visit www.sterlingpartners.com.