TIO Networks to buy VC-backed Softgate Systems for $31 mln
TIO Networks Corp (TSX-V: TNC), a portfolio company of U.S. venture capital firm IA Capital Group, has agreed to buy Softgate Systems Inc, a Fairfield, New Jersey-based provider of bill payment solutions. The deal, valued at about US$31 million, includes a cash payment and TIO shares issuance to Softgate investors. U.S. venture capital firm Edison Partners, a long-time backer of Softgate, and Napier Park Global Capital will join TIO as shareholders. Softgate has also been backed by Canadian specialty finance firm Wellington Financial. Vancouver's TIO is a cloud-based bill payment processor. It said the Softgate acquisition will create North America's largest provider of walk-in bill payment services.
14 July 2015•7 mins read
