Transactis Secures $7 Million in Venture Capital Financing
StarVest leads round to provide capital for accelerated growth
NEW YORK, Nov. 30, 2010 /PRNewswire/ -- Transactis, a leading provider of electronic billing, payment, and marketing solutions has closed a $7 million Series B financing round led by StarVest Partners. The equity financing, which included participation from previous investors and management, will be used to fuel the company's next stage of growth and to drive further adoption of its BillMail, BillerExpress, OfferIQ and LoyaltyIQ software-as-a-service platforms.
"As a technology provider powering major banks and credit card processors, we continue to develop and deliver seamless, secure, paper-free services," said Transactis' Chairman/CEO Joe Proto. "StarVest is the ideal investor because they are committed to our vision of providing financial institutions, merchants and their customers with innovative and cost-effective electronic solutions. Additionally, StarVest has extensive experience and an impressive track record investing in Software-as-a-Service (SaaS) technology models."
Joe Proto added, "The funding comes at an opportune time, just three months after our acquisition of OfferIQ (a Metamorphic Ventures portfolio company) which expanded our solution set to include paperless couponing and digital loyalty products for retailers of all sizes. Transactis continues to lead the paradigm shift from traditional paper-based bills/payments/offers to secure, virtual financial transactions."
"StarVest is excited about Transactis because of the people, progress and enormous potential of the company's value proposition in the marketplace," commented Larry Bettino, StarVest General Partner. "Transactis represents all the key elements that StarVest looks for in an investment and is at the forefront of eCommerce and Internet Marketing Services."
Larry Bettino joins the Board of Directors and current members of executive management including Paul M. Harkins, formerly founder and CEO of Instream Media, Scott Cruickshank, formerly President and COO of CyberSource, Marc Michel of Metamorphic Ventures, Howard Aiken of Vermont Information Processing and independent director John Eyler, formerly CEO of Toys "R" Us and FAO Schwartz.
Transactis works with banks and their merchants to transform traditional paper-based billing, payment, and coupon transactions to smarter electronic interactions that are more efficient and cost-effective. Since 2001, Transactis has been a leading provider of Electronic Bill Presentment & Payment (EBPP) tools including BillMail and BillerExpress. These solutions give small and medium sized businesses the ability to electronically distribute invoices and collect payments, without the investment typically made by large organizations. With its September 2010 acquisition of OfferIQ, Transactis expanded its portfolio of Software-as-a-Service products to include virtual couponing & paper-free loyalty solutions for retailers. OfferIQ brings a new platform not only to distribute virtual coupons to consumers via their mobile phone or social network, but to redeem them through the use of an existing credit or debit card. This robust suite of electronic billing, payment, couponing, and loyalty products makes Transactis a value-added partner for banks and merchants looking to strengthen their customer relationships by providing innovative electronic billing & marketing products. www.transactis.com
About StarVest Partners
StarVest Partners is a New York-based venture capital firm with $400 million under management that is funding technology-enabled business services companies throughout the U.S. The firm's value-added partnership maintains a laser focus on five key emerging technology and services sectors: Software as a Service (SaaS), Internet Marketing Services, eCommerce Services, Data Aggregation Services and Identity and Security Management. StarVest combines a sophisticated investment background with the experience to foresee opportunities for both its portfolio companies and funding partners. The firm's general partners are Deborah A. Farrington, Laura B. Sachar, Jeanne M. Sullivan and Larry A. Bettino. www.starvestpartners.com
About Metamorphic Ventures
Metamorphic Ventures is a New York City-based venture capital fund and business accelerator that invests in start-up and early-stage businesses exclusively in digital media and transaction processing technology sectors. Metamorphic's unique capital efficient approach works closely with entrepreneurs and their portfolio companies helping great people to build great companies and create long-term value. The firm's partners are Lewis Gersh, David Hirsch, and Marc Michel. www.metamorphic.vc
SOURCE Transactis Inc.
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