TIO closes Softgate buy with funding from Silicon Valley Bank
TIO Networks Corp (TSX-V: TNC) has closed its buy of Softgate Systems Inc, a Fairfield, New Jersey-based provider of consumer retail bill payment solutions. The previously-announced deal, valued at about US$31 million, saw representatives of Softgate investors Edison Partners and Napier Park Global Capital join TIO's board. Silicon Valley Bank extended a US$5.7 million loan to TIO in connection with the acquisition. Based in Vancouver, TIO is a cloud-based bill payment processor. It said the Softgate deal creates North America's largest provider of walk-in bill payment services with a pro-forma revenue run-rate of over $105 million.
26 April 2016•6 mins read
