CLAYTON, Mo. — Clearent, a St. Louis-based payments solution provider, has completed the purchase of Draper, Utah-based SPOT Business Systems, LLC, an independent software vendor (ISV) serving customers in the drycleaning industry, it reports.
Details of the acquisition were not disclosed.
“We are excited to name SPOT as the first acquisition in our new division, Clearent Software Holdings,” says Dan Geraty, CEO and founder.
“As a market leader servicing the drycleaning industry with an excellent history of customer service and retention, SPOT will help us realize our vision: to be a highly-recommended payments solution provider in the industry,” he adds.
SPOT Business Systems will become part of a newly-created subsidiary, Clearent Software Holdings, where it will benefit from Clearent’s resources, including its sales and technology teams, while operating effectively as it had before the sale, the company relates.
SPOT’s day-to-day operations remain unchanged, and all current SPOT employees will retain their positions after the sale, it indicates.
“We’ve considered acquisition offers from a number of potential buyers over the years, but we believe that joining the Clearent team is the best way to take the business solutions we’ve created at SPOT to the next level,” says Mark Jones, director of operations for SPOT.
“With this acquisition, we will retain a high level of operational autonomy, which means our customers will enjoy the same level of service we offered prior to the sale.
“At the same time, we’ll have an opportunity to enhance our business offerings through a host of resources that Clearent has to offer, including their Tele Sales group,” he says, adding: “This is a great day for SPOT and our customers in the drycleaning industry.”
Concludes Geraty: “Our philosophy of transparency in payments also applies to the way we engage in acquisitions. We hope with each purchase to enhance industry expertise, geographic coverage and product capabilities.”
Clearent notes it has more than 300 employees, 45,000 merchants, and $14 billion in processing volume.