GTCR to Acquire Majority Stake in BankServ
GTCR, (www.gtcr.com) a leading private equity firm, has agreed to acquire the controlling interest in Bserv, Inc., the parent company of Las Vegas-based payments firm BankServ. The all-cash transaction is expected to close before the end of August and allows GTCR to recapitalize 100 percent with management in support of an ambitious growth plan. The value of the deal was not disclosed.
BankServ will remain structurally unchanged by the acquisition, which will retain the existing management team while strengthening the company’s financial, backing especially for acquisitions, according to CEO David F. Kvederis.
“This transaction will leave BankServ well-positioned to pursue aggressive growth opportunities, both through acquisitions and expansions to our product line,” Kvederis said. “We see a bright future in working with an ownership group that is aligned with our vision for expansion and has a history of success in the technology arena.”
Existing BankServ customers will not be impacted by the change in ownership, as no staffing or organizational changes are planned. “Our employees constitute our intellectual capital, and the ability to make this transition while keeping our company intact will benefit both BankServ and its customers in the long term,” Kvederis added.
BankServ is consistently recognized as one of the fastest-growing private companies in America, posting 59 consecutive quarters of record revenue growth and making Inc. Magazine’s Inc. 5000 list every year since 2003. Strong organic growth was augmented by a series of acquisitions including remote deposit capture provider NetDeposit in 2010, mobile credit card processor Commerciant in 2009, and Symtec and TurboSwift in 2004. The company has grown to include nearly 200 employees and annual revenues of $60 million.
“GTCR’s portfolio includes a number of rapid-growth technology firms that have accelerated their growth through acquisitions, and, as such, they are a perfect partner aligned with BankServ’s interests,” Kvederis said. “We are very pleased to be able to provide a successful exit for our previous shareholders while opening the door to new possibilities in 2012 and beyond.”