TMCnet News
Clarus Merchant Services Acquires Payment Processing Assets from ANARAQClarus Merchant Services has agreed to acquire the merchant processing assets of ANARAQ Holdings, LLC, a New York based financial technology company specializing in the electronic payment processing industry. ANARAQ Holdings, LLC is a portfolio company of Altpoint Capital Partners. "ANARAQ has grown significantly both organically and through acquisitions under Altpoint's ownership since its founding in 2012. As the electronic payment processing sector continues to evolve, we believe that a partner such as Clarus will bring the technology offerings, scale and geographic reach to efficiently continue to grow the ANARAQ merchant portfolio assets," said Andrew Grapkowski, Partner & Managing Director at Altpoint Capital and Chairman of the Board of ANARAQ. John Wu, Founder and CEO of ANARAQ, added, "We have been very pleased with ANARAQ's growth under our management and ownership. We couldn't have found a better fit in Clarus. We have full confidence that Clarus will continue to build upon the quality electronic payment processing platform that ANARAQ has successfully developed and nurtured since its founding." ANARAQ was advised exclusively by Preston Todd Advisors, a boutique M&A advisory firm specializing in FinTech and payments. The financial terms of the transaction were not disclosed. About Altpoint Capital Partners: Altpoit Capital Partners (www.Altpointcapital.com) is a New York-based, middle-market private equity firm that makes substantial equity investments in established enterprises with the potential for significant growth and operating profit improvement. The firm targets growth oriented investments in sectors where the firm has prior experience and relationships, including financial services, technology, telecommunications, industrial, energy and business services. About ANARAQ ANARAQ (www.ANARAQ.com) is a payments technology company and payment processing industry acquisition platform serving as a growth capital partner for ISO groups and companies focused on payment technologies. About Clarus Merchant Services: Clarus Merchant Services (www.ClarusDC.com), founded in 1999, is dedicated to providing single-platform execution with a full suite of integrated future-proof products, value-added servicing, and in-depth management reporting. Clarus processes over $5 billion per year and boasts one of the industry's highest client retention rates. About Preston Todd Advisors: Preston Todd Advisors (www.PrestonToddAdvisors.com), specializes in providing strategic advisory services, including M&A (buy-side and sell-side), strategy development, and valuation analysis, to the FinTech (financial technology), payments and software industries. The firm designs and implements forward looking growth strategies for companies trying to navigate the ongoing paradigm shift in digital payments. With over a decade of transactional experience in payments, payments technology, and integrated payments solutions, Preston Todd successfully consults for the newest generation of best-in-class financial technology firms.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170110005493/en/ |
