March 30, 2018
FTV Portfolio Company Clearent Acquired by Advent International; FTV Participates in Recapitalization
• Transaction represents opportunity for Advent to support further growth of a strong integrated payments platform and a leading SaaS solution in field services
• Advances Clearent’s strategic focus in owning software to become a leading provider of integrated payments
• FieldEdge’s day-to-day operations to remain unchanged and the transaction further strengthens its commitment to customers, partners and employees
BOSTON, MA, March 30, 2018 – Advent International, one of the largest and most experienced global private equity investors, today announced that it has completed the acquisition of a majority stake in Clearent, a leading full-service payments solution provider, and the acquisition of FieldEdge, a leading field service management software provider. Under the terms of the transaction, Advent has merged FieldEdge with Clearent, and will own a majority stake in the combined entity. Clearent’s first institutional investor, FTV Capital, invested alongside Advent; other existing investors and senior management of both companies have also rolled a meaningful minority stake. Financial terms of the transaction were not disclosed.
FieldEdge will retain its existing brand and operate as an independent subsidiary of Clearent. It joins Clearent’s platform of independent software vendors (ISVs) servicing select vertical markets with integrated payments solutions. Clearent’s merger with FieldEdge follows its acquisition in January of SPOT Business Systems, an ISV serving customers in the dry cleaning industry.
Founded in 2005, Clearent provides processing and gateway services via its in-house payments platform to merchants and partners through a multi-channel sales strategy that includes direct, independent sales organizations (ISOs), ISVs, and tele-sales. Its processing capabilities support debit and credit cards, next day funding, terminals, virtual terminals, mobile solutions, and point-of-sale systems. Clearent has a history of delivering strong organic growth, having made the Inc. 5000 list of fastest-growing companies six straight years (2012-2017).
“Today’s announcement represents an exciting step forward for our customers, partners and employees,” said Dan Geraty, Chief Executive Officer and Founder of Clearent. “Advent is a leader in terms of facilitating growth and enabling execution in payments and software companies. I am confident they are the right partner for us as we look to continue to capitalize on the move toward integrated payments.”
FieldEdge was founded in 1979 and was originally designed to help its founders run their own HVAC contracting business. Today, the company provides a leading software-as-a-service (SaaS) solution called FieldEdge to provide field service management software to home service contractors.
“We are excited to be part of a larger, combined organization backed by Advent because it will enable us to provide even better solutions and an even higher level of service to our customers,” said Rameez Ansari and Steve Lau, Co-Chief Executive Officers of FieldEdge. “Clearent’s payments expertise will provide our customers with seamless payments capabilities that will add significant value to their businesses.”
“The combination of Clearent and FieldEdge builds upon our leading global franchise in payments and underscores our belief in the opportunities inherent in integrated payments,” said Chris Egan, Managing Director at Advent International. “We look forward to partnering with management to realize the many opportunities ahead for the combined business.”
Bo Huang, Principal at Advent International, added, “Clearent represents an attractive platform to capitalize on the growth in integrated payments and, with the addition of FieldEdge and the support of our expertise and relationships in payments and software, is well positioned to execute on its strategy to grow organically and through acquisitions.”
Advent has significant investment experience in the payments and software industries. In the past 10 years, Advent has invested $2.5 billion in six platform companies in payments and $3.1 billion in six companies in software worldwide. In addition to Clearent and FieldEdge, investments in the payments sector include Concardis, Nexi, Nets, Worldpay, Vantiv and Monext while investments in the software sector include CCC Information Services, FinancialForce.com, P2 Energy Solutions, Skillsoft, Unit4 and KMD.
Weil, Gotshal & Manges LLP served as legal advisor to Advent in connection with the transactions. Bryan Cave LLP served as legal advisor to Clearent and Sidley Austin LLP served as legal advisor to FieldEdge. GCA Advisors LLC acted as financial advisor.
Clearent is a full-service, payments solution provider with more than 400 employees, 45,000 merchants, and $16 billion in processing volume. Headquartered in St. Louis, Clearent also has offices in West Palm Beach, Florida, Louisville, Kentucky, and Salt Lake City, Utah. From traditional point-of-sale terminals, mobile solutions, and tablet-based systems to a custom-built virtual terminal, eCommerce plug-ins, and hosted payments, Clearent helps small business owners securely accept payments just about anywhere. The company has consistently been named to several prestigious lists year after year, including the Inc. 5000 list of fastest-growing companies, The Nilson Report’s list of top U.S. acquirers, The St. Louis Post-Dispatch Top Workplaces award, and the St. Louis Business Journal’s list of fastest growing private companies. To learn more, visit clearent.com.
FieldEdge is the leading vertical SaaS company that enables home contractors to run their businesses with ease, save time and make more money through targeted marketing and improved resource utilization. FieldEdge has helped thousands of service-based organizations increase sales performance and overall workforce productivity by managing all aspects of their daily operations since 1979. FieldEdge has received numerous awards including Best-Places-To-Work by Glassdoor, Inc. 5000’s list of fastest growing companies, and Best Customer Service Department by the Stevie Awards. FieldEdge has offices in Fort Myers, Florida, and Atlanta, Georgia. To learn more visit www.fieldedge.com or contact us at 800-226-7529.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 330 private equity transactions in 40 countries and as of December 31, 2017, it had $42 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit www.adventinternational.comBack to all