Company Founder Dan Geraty will Transition to Chairman of the Board of Directors
St. Louis, MO, September 30, 2019 – Clearent, a leading integrated payments solution provider in the U.S., today announced changes to its leadership team. Pamela Joseph, an accomplished leader in the payments industry and current Chair of the Clearent Board, has been named CEO of Clearent. Founder Dan Geraty will be stepping down as CEO and transitioning to the role of Chairman of the Clearent Board of Directors.
Pam brings more than two decades of leadership experience in the technology and payments industry. Before joining Clearent, Pam held leadership positions at various financial services companies, including VISA, Elavon, U.S. Bancorp and TSYS.
“I am pleased to help guide Clearent into the next phase of its development and build on its scale, performance and long-term growth,” said Joseph. “Taking a user-centric approach, Dan and the team have pioneered something special at Clearent. We will continue to be focused on delivering the very best technologies for our partners and clients while consistently challenging ourselves to execute at the highest level. I am fortunate to be able to assume this position at such a pivotal time in the company’s history, and the entire leadership team, including myself, are thankful to Dan for his continued support.”
Since launching Clearent 14 years ago in St. Louis, Dan has grown the company from a small startup to a leading integrated payments solution provider that today services 50,000 merchants. Under Dan’s leadership, the business has become one of the most trusted payment processing solutions in the industry with strong financial backing and a growing platform.
“Clearent has disrupted the payments space because of our innovation and commitment to quality, transparency and customer service,” said Geraty. “I am tremendously proud of the business we have built and am forever grateful to my talented colleagues that helped shape our vision for Clearent. Going forward, Pam’s leadership will be invaluable as the business scales and solidifies its leadership position in the industry.”
In recent months Clearent has appointed Matthew Morrow as Chief Revenue Officer, Brent Coles as Chief Financial Officer and Justin Rohde as Chief Transformation Officer. These additions to Clearent’s strong and experienced executive management team reflect the company’s commitment to optimizing, scaling and continuing to meet the needs of its partners and clients.
“Clearent is poised for continued growth as we build the integrated payments solution provider of choice for companies around the country looking for reliable solutions,” said Chris Egan, Managing Partner of Advent International and member of Clearent’s Board of Directors. “With Pam and the rest of the management team in place, and with the benefit of Dan’s continued expertise and guidance, the business is well positioned for this next phase.”
Pam is known for her execution-driven approach and her ability to quickly grow small businesses into powerful companies. As one of Elavon’s earliest employees, she helped to oversee the company from a startup through its many stages of growth, including its IPO and its eventual acquisition by U.S. Bancorp, where she remained as Vice Chair over the entire payments division. In addition to her role at Clearent, Pam sits on the Board of Directors of Paychex, a payroll provider; TransUnion, an information technology company; and Adyen, a Netherlands-based payment processor. Pam will also retain her position as an Operating Partner for Advent International, Clearent’s majority owner and one of the largest and most experienced global private equity investors.
Clearent has recently seen tremendous growth and currently processes over $20 billion in annual transaction volume. Over the past two years, the company has partnered with Advent to acquire SPOT Business Systems, a leading ISV serving customers in the dry-cleaning industry; FieldEdge, a leading field service management software provider; Service Autopilot, a payment software solutions provider to the services industry; Coolfront, a leader in flat-rate pricing and maintenance agreement management systems in the HVAC, plumbing and electrical industries; and Compassmax, a developer of comprehensive dry-cleaning point-of-sale software. Together these transactions will lay the groundwork for future growth.
Clearent is a full-service payment-solutions provider with more than 600 employees, 50,000 customers and $20 billion in payment processing volume. Clearent helps small- and medium-size business owners securely accept payments anywhere with no hidden fees and transparent pricing. Clearent also owns independent software vendors (ISVs) in select vertical markets that leverage Clearent’s turnkey payment integration as well as the collective resources of associated SaaS solution providers. Headquartered in St. Louis, the company has 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. merchant acquirers, and The St. Louis Post-Dispatch Top Workplaces award. To learn more, visit clearent.com.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 345 private equity transactions in 41 countries, and as of June 30, 2019, had $54.3 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 195 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.