CardinalCommerce, the Ohio-based enabling remote commerce company, completed a minority stake deal with Primus Capital Funds. The PE firm will also join CardinalCommerce’s board as part of the deal.
MENTOR, Ohio, Dec. 19, 2012– 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.”
CardinalCommerce Corporation has been a pioneer in the remote payments industry since 1999 and is a branded global leader in enabling authenticated payment transactions in the electronic commerce and remote commerce markets, including the Internet, mobile, automobile, television, ecoupons, and loyalty card distribution channels.
CardinalCommerce’s SaaS software platforms for merchants, banks, processors and transaction supply chain providers create friction-free interoperability among otherwise disparate and incompatible operating systems and enable technology-neutral authentication across a wide range of applications. The Company’s proprietary, patented solutions easily facilitate the addition of new technology for remote distribution channels through a single connection, and allow merchants to securely accept payments from the entire financial transaction ecosystem, from traditional credit and debit card brands like MasterCard and Visa, to established and emerging alternative payment brands like PayPal, Green Dot, and AliPay. In acommodating nearly all of the growing number of payment brands and methods, as well as technology and authentication approaches within legacy infrastructure, CardinalCommerce’s products and services serve as universal switches, supporting virtually all merchant platforms, processing systems and authentication methods.
CardinalCommerce is a Delaware Corporation headquartered in Cleveland, Ohio. With facilities in the United States, Europe and Africa, Cardinal services a worldwide Customer base. For more information, visitwww.cardinalcommerce.com
The CardinalCommerce logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=697
About Primus Capital
Primus Capital is a private equity firm that invests in high-growth companies within the software and technology-enabled services, healthcare and education industries. Founded in 1983 and currently investing from Primus Capital Fund VII, Primus has partnered with management teams in over 100 companies to accelerate growth and create value by applying our industry knowledge, financial resources and investment experience. Transaction types include buyouts, recapitalizations and growth equity investments. For more information, please visit www.primuscapital.com