Fast-growing Bristol-based payment technology company CreditCall has completed a management buy-out (MBO) for an undisclosed sum.
The firm, whose achievements include developing the world's first Chip and PIN card processing application for smartphones, supplies innovative transaction processing services and secure payment technology to international customers.
It does this via a global processing network with a payment gateway connecting merchants across Europe, the US and Canada to their banks or acquirers to accept customer payments.
The company has also developed a range of transaction-related products and services which support credit and debit card payments from industry sectors as diverse as vending, parking, ticketing and e-commerce.
The buyout was backed by FF&P Private Equity, the London-based private equity business of Fleming Family & Partners, and Bestport Ventures, also based in London, while law firm Ashfords’ Bristol corporate team advised CreditCall management on the buy-out.
The change of ownership follows years of continued growth at CreditCall and a string of world firsts in the science of card payment processing dating back to 1997.
The executive team including CEO Peter Turner, Jeremy Gumbley and Siân Bosley, who are reinvesting in the business as part of the buyout, see key development opportunities in the world’s first Chip and PIN card acceptance solution for BlackBerry and Android smartphones and EMV Chip Technology Migration solutions for the US.
Mr Turner said: “Since 2007 CreditCall has demonstrated constant innovation and continuous profitability. With the support of FF&P and Bestport we are excited by the opportunity to increase revenues substantially in CreditCall’s current and emerging markets”.
Henry Sallitt of FF&P Private Equity added: "CreditCall is pioneering the migration from cash to electronic payments. With the CardEase Mobile solution, a smartphone in conjunction with a PIN pad, can accept secure debit or credit card payments.
"CreditCall has a proven, robust and scalable IT infrastructure that meets both the constantly evolving compliance demands of the payments card industry and the requirements of its customers for highly reliable payment solutions. We are delighted to be supporting Peter and the management team and look forward to helping the business achieve further growth.”
James Stoddart of Bestport Ventures said: "We were immediately impressed with Peter’s industry knowledge and clear vision on the future growth opportunities for the business. The market dynamics are exciting with the predicted total value of all mobile payment transactions expected to be in excess of $50bn worldwide by 2014.
"CreditCall is ideally positioned to take advantage of the SME and corporate segment of this market, as it helps turn mobile phones into POS terminals. It already has a large, diverse, installed base which provides a robust and attractive recurring income stream. We are excited about supporting the management team in building a bigger business.”
