Cronus Partners has acted as the exclusive financial adviser to CAM Commerce Solutions, a portfolio company of Great Hill Partners, in the sale of its point-of-sale software division to Robertson Piper Software Group.
The former payments processing division of CAM Commerce, now operating under the name Accelerated Payment Technologies, remains a privately held portfolio company of Great Hill Partners and will continue to offer payment processing solutions, including the X-Charge solution, to retailers, healthcare providers and others requiring secure payment processing.
The divested point-of-sale business, which will retain the CAM Commerce brand and operate under the name CAM Commerce Solutions, will continue to design, develop, market and service integrated retailing and point-of-sale solutions to small and medium-sized businesses. It will continue to be a referral partner to Accelerated for integrated payment processing.
“The sale of the point-of-sale business completes our transformation into a 100 per cent focused integrated payments company,” says Roy Banks, chief executive officer of Accelerated. “Unlike our competitors, we can leverage our long history and experience in point-of-sale software development to more fully extend the benefits of our integrated payment platform to meet the payment processing needs of any point-of-sale software application.”
Alan Canzano (pictured), managing director of Cronus Partners, adds: "It was very important to Great Hill Partners and the Accelerated management team that the thousands of customers of the point-of-sale business be able to continue to enjoy the leading mid-market retail automation suite and services that CAM Commerce has provided for years, and we feel that will happen with this transaction and that the point-of-sale business will continue to thrive in RPSG’s stewardship."
