Mercury Private Equity has invested £4.5m in Burns eCommerce Solutions, which develops, licenses and hosts corporate solutions for invoice presentment, e-payment, and supply chain automation.
Burns eCommerce Solutions integrates electronic trading with banking, payments processing and settlement for traditional business and internet marketplaces. The company has a broad blue chip customer base, including companies such as Royal Bank of Canada, Intel, Heinz, Citibank, Bank of America and Viking Office Stationery. It is a family business based in Cheshire, UK, and was established in 1989 to provide electronic banking and healthcare systems to large corporations. The company expects the e-billing market to exceed $1bn by 2003.
Trevor Bayley, a director of Mercury Private Equity, said: “Burns marks our second investment in the e-payment solutions arena in the last two years. It is an exciting market that is set to grow significantly. Our investment will allow the company to expand its sales process and support the opening of a US operation.”
In September last year, Mercury sold its first e-payment investment, Checkpoint, to Bottomline Technologies.