Wellington Financial Provides $7.5 million Growth Capital to Softgate Systems, Inc.
FAIRFIELD, NJ and TORONTO, May 14, 2012 /PRNewswire/ - Wellington Financial LP, a privately-held specialty finance firm, today announced a US$7.5 million venture debt financing for Softgate Systems, Inc., of Fairfield, New Jersey. Softgate Systems, Inc., through its Retail Payments Exchange technology, provides an open electronic exchange connecting product and service providers to a distribution network that serves the cash-preferred market place.
"With a presence in over 20,000 locations and available to the largest audience, Softgate's diverse range of products includes bill payment, domestic and international prepaid wireless, prepaid long distance, gift cards, and international bill payment," said Craig Netterfield, Senior Vice President of Wellington Financial LP. "We are delighted to add Softgate Systems, Inc. to our ever-expanding U.S. portfolio."
Rick Auletta, President and CEO of Softgate Systems, Inc. said, "Partnering with Wellington Financial provides us with working capital to support our continued growth while providing reliable bill payment and other cash-based financial services."
Softgate Systems, Inc. is backed by some of the leading venture capital and strategic investment firms, including Edison Ventures, Citi Capital Advisors, and Hamilton Investment Partners.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
Since 2004, Wellington Financial LP has led or participated in more than $400million in transactions, making it one of the most active funds of its kind in North America.
About Softgate Systems, Inc.
Softgate Systems, Inc., through its Retail Payments Exchange platform,
provides an open electronic exchange connecting product and service
providers to the cash-preferred consumer base. Operating through one of
the largest networks of independent retail-based payment centers in the
U.S., Softgate Systems provides reliable walk-in bill payment, domestic
and international prepaid wireless, prepaid long distance, gift cards,
international top-ups and international bill payments through their
PayXchange service. Softgate Systems, formerly known as IPP of America,
was established in 1993. Today, Softgate Systems connects world class
service providers and consumers through its over 20,000 retail
locations throughout the U.S - over half of which operate as PayXchange
payment centers. For more information, visit http://www.softgatesystems.com.
SOURCE Wellington Financial LP