– USA, NY – Transactis, Inc., a leading provider of electronic billing and payment solutions, has closed an $11 million Series D financing round led by Safeguard Scientifics, Inc. (NYSE:SFE), with participation from existing investors including StarVest Partners, senior management and the Board. Proceeds from this financing will enable Transactis to extend its leadership in the electronic billing and payments industry by expanding sales, marketing and client services, as well as accelerating product development. To date, Transactis has raised $40 million from investors including Metamorphic Ventures, StarVest, Vermont Information Processing, Harland Clarke and now Safeguard.
In addition, Transactis announced that it ranks #420 on the prestigious 2014 Inc. 500|5000 list of the fastest-growing, privately held independent businesses in the country, recognizing the company’s 1,126 percent revenue growth between 2010 and 2013.
Transactis’ cloud-based electronic bill presentment and payment (“EBPP”) platform, BillerIQ, is a white-labeled solution that’s offered “as-a-service”, enabling businesses to rapidly and securely deliver electronic bills, invoices and documents, as well as accept payments online, by phone, and via mobile device. BillerIQ is an extremely flexible and scalable platform for businesses ranging from 50 bills a month to Fortune 50 companies with hundreds of thousands of bills a month, across a variety of industries including property management, healthcare, insurance, public sector, utilities and financial services. The deep functionality of BillerIQ helps companies improve both their business-to-consumer and their business-to-business payment management, increase collection yields and accelerate cash flow all while reducing costs.
Transactis has a strong history of partnering with some of the largest and most respected financial institutions, customer care print providers, and payment processors in the market. By working with these important groups, Transactis’ offering is extended into the most critical aspects of cash and payment management within the biller community. Transactis exclusively sells through its network of resellers, comprised primarily of banks and BPO organizations. Transactis’ growth is driven by its experienced team, strong reseller relationships, and BillerIQ’s unique and comprehensive cloud-based platform.
“At Transactis, we are committed to improving the electronic billing and payment experience for our clients and their customers,” said Joe Proto, CEO & Chairman of Transactis. “This funding allows us to expand Transactis’ products and services as we continue to grow our presence in the marketplace through our reseller partnerships. Bringing Safeguard on board—with its strong reputation and track record of building market leaders—will serve Transactis well as we extend our leadership position in the electronic billing and payments industry. We are also thrilled that Safeguard’s Phil Moyer will be joining our Board of Directors. His extensive background as a CEO, entrepreneur and visionary in cloud, mobile, SaaS, fintech and big data is invaluable to our team.”
“The electronic billing and payment market continues to see significant compound annual growth. We are still in the early stages of moving from offline, paper-based billing and payments to online. Mobile and cloud-based offerings like Transactis are accelerating this market trend,” said Philip D. Moyer, Managing Director, Technology at Safeguard who will be joining Transactis’ board of directors. “We are very proud to partner with Transactis. We believe that Transactis has an incredible opportunity to capitalize on this significant shift that’s taking place in billing and payments. With a strong management team, some of the most respected partners in the payments industry and a rapidly growing customer base, Transactis is well-positioned to lead this market transformation.”
Transactis disrupts traditional paper billing and payment processing by enabling businesses of all sizes to replace paper bills, statements, invoices, payments and documents with more efficient digital alternatives. We go to market exclusively with resellers (financial institutions, technology companies, print and business process outsourcers) to provide their business customers with secure, configurable, white-label, industry-leading SaaS solutions. Transactis is more than a technology provider to our resellers – we are a full service business partner. We deliver a full suite of unmatched sales, marketing, technical and operational support, empowering our resellers to more successfully serve their clients.
The Transactis team includes executives, board members and advisors who are seasoned industry experts with decades of experience in the billing and payments industry. Transactis meets the strictest regulatory and compliance requirements including HIPAA, SSAE 16, PCI Level 1, and SOC 2. Transactis investors include Metamorphic Ventures, Vermont Information Processing, StarVest Partners, Harland Clarke and Safeguard Scientifics (NYSE:SFE).
About Safeguard Scientifics
Safeguard Scientifics, Inc. (NYSE:SFE) has a distinguished track record of fostering innovation and building market leaders. For six decades, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on two sectors—technology and healthcare. Recent successful exits include Alverix (acquired by Becton, Dickinson for $40 million); Crescendo Bioscience (acquired by Myriad Genetics for $270 million); NuPathe (acquired by Teva Pharmaceutical Industries for $144 million); and ThingWorx (acquired by PTC for initial proceeds of $112 million).
About StarVest Partners
StarVest Partners is a New York-based venture capital firm whose investment thesis has supported the growth of technology-enabled business services in the U.S. for more than a decade. With $400M under management, the firm targets emerging technology and services sectors including cloud-based companies, eCommerce services, Ad Tech and Data Analytics with value-added partnerships and strategic advice. A software-as-a service pioneer since the late 1990s, StarVest was the sole venture firm to invest in NetSuite (NYSE:N) in 2000 and through its $1.7 billion IPO in 2007. NetSuite currently trades at a $6.4 billion market cap. Other noteworthy exits include MessageOne, acquired by Dell computer; Connected Corporation, acquired by Iron Mountain; iCrossing acquired by Hearst; Insurance.com, acquired by QuinStreet; and Fieldglass, recently acquired by SAP for $1 billion. StarVest continues to expand its portfolio with recent investments such as AppDirect, CrowdTwist, Ceros, PeopleMatter, RetailNext, and Veracode among others.
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