Bluefin Payment Systems, a payment security company, is up for sale, four sources said.
Raymond James is advising on the process, the people said. Bluefin, of Atlanta, provides secure payment technology for retailers, enterprises and small-to-medium sized businesses. The company’s security platform supports payment gateways, processors and software vendors in 29 countries. Bluefin produces about $50 million in revenue, a person said.
Bluefin has raised about $6.7 million in funding, PitchBook said. Investors include Goldman Sachs Specialty Lending, which led a debt and equity round for Bluefin in 2014. In 2016, Bluefin raised $6 million in growth financing led by Napier Park Global Capital and Camden Partners.
The process has attracted mainly strategics, one of the sources said.
Payment security businesses typically trade for a minimum of 5x to 6x revenue.
News of the Bluefin sale comes as banks are expected to miss out on $280 billion in revenue due to the rise of digital payments and competition from non-banks, according to a report from Accenture. Global payments revenue will likely grow by 5.5 percent annually and are expected to hit more than $2 trillion in 2025, from $1.5 trillion in 2019, Accenture said.
Executives for Raymond James, Goldman, Napier, Camden and Bluefin could not be reached for comment.
Action Item: Read the report from Accenture here