Electronic Payments Processing, LLC purchases business of AssureBuy, Inc.
PALM BEACH GARDENS, FL August 12, 2005 - Electronic Commerce Acquisition Fund I, LP, a Palm Beach Gardens headquartered private equity fund, announced today that its wholly-owned subsidiary, Electronic Payments Processing, LLC has purchased the business of AssureBuy, Inc., located in Schaumburg, Illinois.
Since 1994, AssureBuy’s payment gateway has securely processed tens of millions of credit card transactions representing billions of dollars in sales for merchants. AssureBuy also offers secure web site hosting and other related services including IntegriCharge®, a seamlessly integrated secure web site order management system; View N PayTM, an electronic invoice payment system for small and mid-sized companies; and AssureBuy Payment Processing?, a fully-integrated credit card processing add-on for the Microsoft Dynamics GP accounting software.
"AssureBuy is excited to join with the Electronic Commerce Acquisition Fund I, LP portfolio of outstanding Ecommerce companies", said Jeffrey Punzel, President of AssureBuy. "The Fund’s unique blend of solid experience and commitment to our industry ensures that AssureBuy will be well positioned for growth in the rapidly changing electronic payment processing marketplace."
"We are pleased to welcome AssureBuy into our growing family of payment processing companies", said Gary Whitney, the CEO of Electronic Payments Processing, LLC. "AssureBuy represents an important part of the Fund’s vision to place under one umbrella organization all services needed by our merchants to process electronic payments. We refer to this as the Electronic Commerce Integrated Solution Offering."
AssureBuy is one of the industry’s oldest and most secure providers of payment gateway services. AssureBuy’s products include a real-time payment gateway, a secure on-line order management system to protect losses to merchants and their customers from fraudulent credit card use and identity theft, a web-based administration system, an on-line invoice payment service, risk management and real-time processing of credit cards, debit cards, purchasing cards and electronic checks (ACH/EFT transactions).
About Electronic Commerce Acquisition Fund I, LP
As a leading provider of investment opportunities within the electronic payments industry, Electronic Commerce Acquisition Fund I, LP is partnering with the management and staff of portfolio companies to build the premier company in the electronic payment processing sector of the financial services industry. The Fund’s management is uniquely qualified with its industry knowledge, extensive relationships and experience to accomplish these business objectives. Members of the management team have experience in the financial services industry and other relevant experience including operations, marketing, investment banking, mergers & acquisitions, data center design, data center management, electronic commerce and technology development /integration.