Battery Ventures has agreed to buy Bluepoint Solutions, a financial tech company. No financial terms were disclosed. Raymond James advised Bluepoint on the transaction. Battery is planning on merging Bluepoint with another portfolio company Alogent, also a financial tech company. Dede Wakefield, current CEO of Alogent, will lead the combined company that will be headquartered in Norcross, Georgia.
BOSTON, MA–(Marketwired – Aug 1, 2016) – Battery Ventures, a global investment firm, has reached an agreement to acquire Bluepoint Solutions, a privately-owned, financial technology company based in Henderson, NV. Bluepoint Solutions will merge with Alogent, another financial technology company acquired by Battery Ventures in June. Together, the companies will create a dynamic check-image capture and document-management company focused across all segments of the banking industry. The combined companies will be headed by current Alogent CEO Dede Wakefield. Terms of the transaction were not disclosed.
“Bluepoint and Alogent have unique and complementary strengths serving the financial services industry, from Tier-1 banks to community banks and credit unions,” said Dede Wakefield, CEO. “The combination of Alogent and Bluepoint will infuse both businesses with additional resources to accelerate growth and broaden our product and service offerings.”
Bluepoint’s financial-software technology allows clients at over 1,400 credit unions and regional banks to deposit checks on-the-go, make payments online or from mobile devices, and access and sign documents electronically, away from a bank branch. Alogent’s software solutions provide global, Tier-1 banks the ability to electronically capture, process and analyze check data and images, including those captured on mobile devices. The merger of the two companies will allow them to share operational and technical knowledge, as well as extend their reach and expand their product offerings for the financial services community.
“This is great news for our customers and employees, as we now have a partner to help us pursue our growth potential,” said Hal Tilbury, founder and former CEO of Bluepoint, who will serve as vice chairman for the combined company. “I look forward to working with management to evolve the business and meet the long-term objectives for the newly combined companies.”
“After closing our Alogent acquisition in June, it is exciting to make such quick progress in expanding our product portfolio with Bluepoint Solutions,” said Russell Fleischer, a Battery Ventures general partner. “As we enhance the platform, we will continue to invest in Alogent’s and Bluepoint’s technology, as well as seek out additional complementary companies with strong technologies.”
Battery is a longtime investor in financial technology. Active investments in companies that provide software solutions for the financial industry include: Alogent, Cortera, Earnest, IDI Direct Insurance, Istra Research, Panjiva, Precidian Investments, PrimeRevenue, Q2eBanking and TechProcess.*
The combined companies will be headquartered in Norcross, GA, while Bluepoint will maintain the company’s offices in Henderson, NV and Carlsbad, CA.
Raymond James served as financial advisor to Bluepoint in the transaction.
Battery strives to invest in cutting-edge, category-defining businesses in markets including software, infrastructure, digital media and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to buyout and invests globally from offices in Boston, Silicon Valley and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
About Bluepoint Solutions
Bluepoint Solutions provides end-to-end payment processing and content management solutions to financial institutions nationwide. Over 1,400 credit unions and banks that have deployed its enterprise technology are successfully achieving their strategic goals of increasing employee productivity, reducing operating costs, enhancing performance levels, and meeting relentless technology and industry changes with resilience and excellence. Website: www.bluepointsolutions.com
Alogent Corporation helps financial institutions reduce costs, increase transaction processing efficiencies, generate revenue, mitigate fraud and optimize the customer experience from any point of presentment — in person, online or on the go. Alogent solutions have been successfully deployed and proven at some of the largest, most sophisticated financial institutions in the world. They provide exceptional scalability, usability, integration capabilities and control to financial institutions in support of enterprise image capture strategies. Alogent was formerly part of Jack Henry & Associates. Website: www.alogent.com