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Payment processor TrustCommerce seeks a buyer: sources

TrustCommerce, a provider of electronic-payment-processing services, is up for sale, two sources said.

SunTrust Robinson Humphrey is advising on the auction, the people said.

Founded in 2000, TrustCommerce, South Coast Metro, California, provides payment gateway services for businesses in sectors including retail, healthcare, insurance and non-profits.

How much TrustCommerce is seeking is unclear, but the company is believed to produce less than $10 million EBITDA, sources said.

The auction may attract large strategics like PayPal or First Data, which could be interested in TrustCommerce’s gateway services, one banker said.

Private equity firms are also expected to bid. Firms including GTCR, TA Associates and Welsh, Carson Anderson & Stowe have invested in the payments space.

TrustCommerce is the latest payment processor to go up for sale. Francisco Partners has put Paymetric on the block, Buyouts reported. William Blair is advising. Paymetric, Atlanta, provides payment-processing software for corporations.

SunTrust declined comment. TrustCommerce could not be reached for comment.

Action Item: Contact Rob Caulfield, TrustCommerce CEO, at +1 800-915-1680

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