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Integrated Global Payments
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Accelerated Payment Technologies was a provider of integrated payment processing solutions to small and medium-sized merchants.
Enter Accelerated Payment Technologies.
In early 2007, Great Hill Partners identified a unique and technically differentiated business process for providing merchant payment services, and contacted APT, a leader in the space. After a year-long dialogue, the APT public company board agreed to accept our terms for a $180 million going-private transaction in May 2008.
APT had been founded as a point-of-sale software business and had made the conversion to a payments business over the previous decade. However, the management team lacked payments expertise, a shortcoming recognized by the company's founder. Given our deep knowledge of the payments sector, GHP was able to quickly assemble a talented team of payments experts, led by Roy Banks, the former leader of Authorize.Net. We had known Roy for a number of years and were excited to infuse his knowledge of payment technology and channel sales into APT.
Investment YearAugust 2008
StatusAcquired by Global Payments
Enter Accelerated Payment Technologies.
In early 2007, Great Hill Partners identified a unique and technically differentiated business process for providing merchant payment services, and contacted APT, a leader in the space. After a year-long dialogue, the APT public company board agreed to accept our terms for a $180 million going-private transaction in May 2008.
APT had been founded as a point-of-sale software business and had made the conversion to a payments business over the previous decade. However, the management team lacked payments expertise, a shortcoming recognized by the company's founder. Given our deep knowledge of the payments sector, GHP was able to quickly assemble a talented team of payments experts, led by Roy Banks, the former leader of Authorize.Net. We had known Roy for a number of years and were excited to infuse his knowledge of payment technology and channel sales into APT.
“
With Accelerated Payments, the team at Great Hill had identified a unique platform poised for tremendous growth. I knew immediately that APT’s integrated payments capability was transformative to the merchant payments service industry. ”Roy Banks
GHP completed the acquisition of APT with limited debt (less than 20% of purchase price), positioning the company to be financially flexible. This conservative capital structure allowed APT management to expand aggressively and take advantage of several growth opportunities in the marketplace -- without concerns related to excessive debt payments and financial covenants.
APT was sold to Global Payments, Inc. in October 2012 for $413 million.
Fast Facts
- Go-Private
- Sourced Executive Talent
- Low Leverage
Portfolio company executives were not compensated for the statements regarding their business relationship with Great Hill. Such executives do receive ordinary course compensation by portfolio companies which in some cases are controlled by Great Hill and in certain cases may also be invested in Great Hill Funds. There are certain conflicts of interest relating to such executives because they are employed by Great Hill portfolio companies and receive benefits in connection with such employment.
