Clearent Acquires SPOT Business Systems, LLC, Launches Clearent Software Holdings Subsidiary
Clearent, a St. Louis-based payments solution provider, recently announced it has completed the purchase of Draper, Utah-based SPOT Business Systems, LLC, an independent software vendor (ISV) serving customers in the dry-cleaning industry. Details of the acquisition were not disclosed.
"We are excited to name SPOT as the first acquisition in our new division, Clearent Software Holdings," said Dan Geraty, CEO and founder of Clearent. "As a market leader servicing the dry-cleaning industry with an excellent history of customer service and retention, SPOT will help us realize our vision: to be the most highly recommended payments solution provider in the industry."
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. SPOT's day-to-day operations remain unchanged, and all current SPOT employees will retain their positions after the sale.
"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," said Mark Jones, Director of Operations for SPOT Business Systems, LLC. "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. This is a great day for SPOT and our customers in the dry-cleaning industry."
"We feel this acquisition demonstrates our company's ability and desire to bring significant benefits to interested ISVs – including accelerated growth rates and increased capabilities – while preserving their operational freedom to do what they do best," said Dan Geraty, CEO and founder of Clearent.
"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," added Geraty.
In an industry that is experiencing single-digit growth rates, Clearent has been a perennial performer, increasing revenue at an annual clip of 20 percent per year. The company has made the Inc. 5000 list of fastest-growing companies six straight years (2012-2017) – primarily based on organic growth and a sound, multi-channel sales strategy that includes direct, independent sales organization (ISO), independent software vendors (ISV) and tele-sales.
Earlier in 2017, Clearent acquired Payment Alliance International's (PAI) Merchant Services Division, bolstering its operations resources, adding strategic association partnerships and increasing its processing volume by 40 percent. Clearent already has been named among The Nilson Report's list of top U.S. merchant acquirers for six years running, climbing six spots in the ranking in 2017 based on numbers earned before the acquisition of PAI's Merchant Services Division.
Clearent is a full-service, payments solution provider with more than 300 employees, 45,000 merchants, and $14 billion in processing volume. Headquartered in St. Louis, Clearent also has offices in West Palm Beach, Florida, and Louisville, Kentucky. From traditional point-of-sale terminals, mobile solutions, and tablet-based systems to a custom-built virtual terminal, eCommerce plug-ins, and hosted payments, Clearent helps small business owners securely accept payments just about anywhere. The company has consistently been named to several prestigious lists year after year, including the Inc. 5000 list of fastest-growing companies, The Nilson Report's list of top U.S. acquirers, The St. Louis Post-Dispatch Top Workplaces award, and the St. Louis Business Journal's list of fastest growing private companies. To learn more, visit clearent.com.
About Spot Business Systems, LLC
Initially launched in 1991 as a DOS-based product, SPOT Business Systems provides powerful software-and web-based business tools to help customers in the dry-cleaning industry deal with the day-to-day operational issues related to running their business. Features include detailed reporting for production and accounting, retention marketing, customer service features all with enterprise class configuration options. SPOT solutions are highly scalable – from a single-user system to a 10,000-user enterprise – on current technologies provided by Microsoft, Citrix and other leading manufactures. With five full-time developers and a combined 96 years of experience behind its product, SPOT has evolved into the leading software provider in the dry-cleaning industry. For more information, visit www.spotpos.com.