SCOTTSDALE, Ariz., Aug. 15,
2024 /PRNewswire/ -- Transact Campus Inc.,
"Transact," an award-winning leader in innovative campus
technology and payment solutions, today announced its majority
owner Reverence Capital Partners has signed a definitive agreement
to sell Transact to Roper Technologies, Inc. (Nasdaq: ROP, "Roper")
for $1.6 billion. The transaction is
expected to close in this quarter.
Transact will be combined with Roper's CBORD business, a
provider of access & security and campus commerce solutions for
acute healthcare and senior living facilities, higher education
institutions, and K-12 school districts. Transact CEO Nancy Langer will lead the combined business,
while Transact customers will continue to utilize their existing
Transact products and services.
As a part of the transaction, Reverence Capital Partners, which
acquired Transact from Blackboard Inc. in 2019 and has since held a
majority stake, will sell its stake to Roper.
"We are extremely excited for this next stage of our journey and
look forward to continuing to provide best-in-class experience to
our customer base, while also bringing to them the benefits of a
more scaled platform," said Nancy
Langer, CEO of Transact. "I also wanted to thank Reverence
for their invaluable partnership over the past five years. Between
standing up the business, building out the management team, and
driving product investment that's led us to becoming a
best-in-class institution, Reverence has been integral in getting
us to where we are today."
"We are thrilled for Nancy and the Transact team in their
partnership with Roper and CBORD, and want to thank them for all of
their hard work and collaboration over the past five years," said
Alex Chulack, Co-Founder and Partner
of Reverence Capital Partners. "They have continuously proved to us
why they are leaders in their industry and have been a pleasure to
work with. We look forward to seeing their continued success and
next stage of growth."
William Blair acted as exclusive financial advisor to
Transact and Reverence, with Cooley LLP serving as legal
counsel.
About Transact Campus
Transact Campus is a leader in innovative payment, campus ID, and
commerce solutions for a connected campus. Transact's highly
configurable, mobile-centric campus technology ecosystem simplifies
the user experience across the full spectrum of campus life.
Transact's offerings include integrated solutions for tuition and
other student expense payments, multi-purpose campus IDs, and
campus commerce. With a long-standing reputation in the education
community, Transact proudly serves over 12 million users across
more than 1,940 client institutions. Since inception, Transact has
facilitated more than $53 billion in
payments annually, has provisioned over 1.9 million mobile
credentials and has enabled hundreds of millions of contactless
mobile wallet transactions and purchases. For more information,
visit www.transactcampus.com.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on
three complementary strategies: (i) Financial Services-Focused
Private Equity, (ii) Opportunistic, Structured Credit, and (iii)
Real Estate Solutions. Today, Reverence manages in excess
of $10 billion in AUM. Reverence focuses on thematic
investing in leading global Financial Services businesses. The firm
was founded in 2013, by Milton Berlinski, Peter
Aberg and Alex Chulack, after distinguished careers
advising and investing in a broad array of financial services
businesses. The Partners collectively bring over 100 years of
advisory and investing experience across a wide range of Financial
Services sectors.
About Roper Technologies
Roper Technologies is a
constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper
has a proven, long-term track record of compounding cash flow and
shareholder value. The Company operates market leading businesses
that design and develop vertical software and technology enabled
products for a variety of defensible niche markets. Roper utilizes
a disciplined, analytical, and process-driven approach to redeploy
its excess capital toward high-quality acquisitions. Additional
information about Roper is available on the Company's website at
www.ropertech.com.
Media Contacts:
Steve
Lipin / Lorenzo
Brogi-Skoskiewicz
Gladstone Place Partners
(212) 230-5930
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SOURCE Transact Campus; Reverence Capital Partners