WOODRIDGE, Ill., Nov. 24, 2014 /PRNewswire/ -- Rete+Pay, Inc. (Rete+Pay) announced today that Ticonderoga Capital and Asim Ashary invested in Rete+Pay, Inc.
Rete+Pay also announced that Craig Jones, Ticonderoga principal, and Paul Boemer, formerly Senior Vice President of FIS, have joined Rete+Pay's board of directors and will work closely with Rete+Pay's board of directors and leadership team to pursue its strategic growth objectives.
Rete+Pay CEO George Bregante commented, "We are extremely pleased that Ticonderoga Capital and Asim agree with Rete+Pay's services and strategy and invested in Rete+Pay. The opportunities ahead for Rete+Pay remain significant, and with these firms working with us as strong capital partners and strategic advisors, we are well positioned to continue to serve our clients with the highest-quality products and services."
Craig Jones of Ticonderoga Capital commented, "We are very excited about this next phase in Rete+Pay's development and we are looking forward to working with the Company to build upon its leadership position as a provider of electronic payment solutions for insurers, medical providers and other vendors in alternative vertical industries."
Asim Ashary added, "We are also very excited to have the opportunity to invest in Rete+Pay and we also welcome Paul Boemer as a board member. His electronic payment experience and skill set complement the strengths of our existing team. His involvement will be a tremendous asset to us as we continue to focus on driving innovation around our core capabilities and delivering our services to the healthcare market."
About Rete+Pay Rete+Pay, Inc. is the leading provider of payment software solutions. The company serves over 50 customers across North America with solutions designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. Rete+Pay offers the healthcare and worker's compensation industries the only payment solution that provides a complete suite of fully-integrated payment applications including utilizing access to the nation's largest ACH/835 network, Virtual Payments and Claimant Cards. For additional information please visit our website: www.RetePay.com.
About Ticonderoga Capital. Ticonderoga Capital is a private equity investor in buyout and growth equity investments in profitable healthcare and software companies. They are active investors, often represented on the Board of Directors and have served as Directors, Board Chairman, Executive Chairman and even CEO's of our companies on an as-needed basis. The Managing Partner of Ticonderoga Capital is Craig Jones, a 30-year veteran of the private equity and venture capital fields. Ticonderoga previously invested in two previous companies founded by one of Rete+Pay's founders. www.ticcap.com.
About Asim Ashary Mr. Asim Ashary serves as Chief Executive Officer and President of Verifpoint LLC and Health eConnex, Inc. Mr. Ashary also serves as Chief Financial Officer of Insightra Medical, Inc. and Mr. Ashary is the Founder of Manhattan Data, Inc. (MDI) and serves as its Chief Executive Officer. Prior to MDI, in 1999, he co-founded ppoNEXT, Inc. with George Bregante, one of Rete+Pay's founders. He is a senior healthcare executive with two decades of experience in business operations, claims administrations, marketing, finance, healthcare IT and operations.
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SOURCE Rete+Pay, Inc.