SCOTTSDALE, Ariz., Aug. 15, 2024 /PRNewswire/ -- Transact Campus Inc., "Transact," an award-winning leader in innovative campus technology and payment solutions, today announced its majority owner Reverence Capital Partners has signed a definitive agreement to sell Transact to Roper Technologies, Inc. (Nasdaq: ROP, "Roper") for $1.6 billion. The transaction is expected to close in this quarter.
Transact will be combined with Roper's CBORD business, a provider of access & security and campus commerce solutions for acute healthcare and senior living facilities, higher education institutions, and K-12 school districts. Transact CEO Nancy Langer will lead the combined business, while Transact customers will continue to utilize their existing Transact products and services.
As a part of the transaction, Reverence Capital Partners, which acquired Transact from Blackboard Inc. in 2019 and has since held a majority stake, will sell its stake to Roper.
"We are extremely excited for this next stage of our journey and look forward to continuing to provide best-in-class experience to our customer base, while also bringing to them the benefits of a more scaled platform," said Nancy Langer, CEO of Transact. "I also wanted to thank Reverence for their invaluable partnership over the past five years. Between standing up the business, building out the management team, and driving product investment that's led us to becoming a best-in-class institution, Reverence has been integral in getting us to where we are today."
"We are thrilled for Nancy and the Transact team in their partnership with Roper and CBORD, and want to thank them for all of their hard work and collaboration over the past five years," said Alex Chulack, Co-Founder and Partner of Reverence Capital Partners. "They have continuously proved to us why they are leaders in their industry and have been a pleasure to work with. We look forward to seeing their continued success and next stage of growth."
William Blair acted as exclusive financial advisor to Transact and Reverence, with Cooley LLP serving as legal counsel.
About Transact Campus
Transact Campus is a leader in innovative payment, campus ID, and commerce solutions for a connected campus. Transact's highly configurable, mobile-centric campus technology ecosystem simplifies the user experience across the full spectrum of campus life. Transact's offerings include integrated solutions for tuition and other student expense payments, multi-purpose campus IDs, and campus commerce. With a long-standing reputation in the education community, Transact proudly serves over 12 million users across more than 1,940 client institutions. Since inception, Transact has facilitated more than $53 billion in payments annually, has provisioned over 1.9 million mobile credentials and has enabled hundreds of millions of contactless mobile wallet transactions and purchases. For more information, visit www.transactcampus.com.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) Financial Services-Focused Private Equity, (ii) Opportunistic, Structured Credit, and (iii) Real Estate Solutions. Today, Reverence manages in excess of $10 billion in AUM. Reverence focuses on thematic investing in leading global Financial Services businesses. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 100 years of advisory and investing experience across a wide range of Financial Services sectors.
About Roper Technologies
Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company's website at www.ropertech.com.
Media Contacts:
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SOURCE Transact Campus; Reverence Capital Partners
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