The combined company will serve more than 82,000 businesses operating across 158 countries
US-based integrated payment solutions provider Clearent has agreed to merge with software provider Transaction Services Group (TSG) to form payments firm Xplor.
Both TSG and Clearent are portfolio companies of Advent International, a large-scale private equity firm and investor in payments technology.
The business combination is expected to create an advanced global platform that integrates software, payments, and commerce-enabling solutions.
Relaunched as Xplor Technologies, the combined company will serve more than 82,000 businesses operating across 158 countries and processed over $27bn payments in 2020.
TSG CEO Floris de Kort said: “This is a highly complementary combination of applications and platforms that are well positioned to empower businesses that operate in ‘everyday life’ verticals, which are growing rapidly because they are so important to consumers around the world.
“This transaction will enable us to better leverage the advantages of our global breadth with our hyper-local expertise. We will invest in and commercialize our product innovations more effectively, such as our suite of mobile apps, so that we can continue to help our clients eliminate friction and deliver better experiences to their consumers and small businesses.”
Xplor is expected to offer enterprise software solutions for businesses in five industry verticals that include education, health and fitness, boutique wellness, field services and personal services.
The new global cloud-based processing platform is said to enable the clients to easily and securely process payments for their services.
Also, the new combined company will provide a range of commerce-enabling solutions including CRM and loyalty program applications, online learning and training software, and billing and account management services.
Clearent CEO Pamela Joseph and TSG CEO Floris de Kort will be appointed as executive chair and as CEO of the Xplor, respectively.
The transaction is expected to close in the second quarter of 2021.
Employing around 2,000 people, Xplor will have operations across North America, Australasia, Europe, and the UK.
Clearent CEO Pamela Joseph said: “Our cloud-based, technology platform allows clients and partners to ‘plug and play’ easily into our suite of software and payments solutions, speeding their time to market and helping them navigate the operational pain points that too often hold businesses back.
“With intimate knowledge of building companies from the ground up, we have a passion for offering a personal and high-quality customer service approach that is lacking in the market today.”