Exact has provided fast, secure, and innovative online transaction solutions for over 20 years. The company works at the forefront of the digital payments world, with secure transaction processing systems and superb customer service. Exact is a certified PCI DSS Level 1 Service Provider, the most stringent level of certification. Given Platform’s prior success in the payments industry, we have continued to search for new payments-related investment opportunities. Our efforts to source a new payments platform company accelerated when Rahul Gupta joined Platform’s Operating Board at the end of 2019. Mr. Gupta was able to immediately introduce us to several proprietary opportunities, including Exact in mid-January. He knew the company and its founders from his time working at Fiserv (NASDAQ:FISV) and was introduced to the investment opportunity by the identified new CEO, Phil Levy. Mr. Levy had prior experience working with Exact and knew the founders were interested in selling the majority of their ownership. In late 2020, Platform and the new management team acquired a controlling stake in Exact, with existing management owning the remaining equity.
Exact Payments
Exact Payments (“Exact”) provides payment gateway software services to payment processors, bank partners and omnichannel merchants.
Exactpay.com
INDUSTRY
Financial Services
Year Founded
1999
INVESTMENT DATE
2020
Headquarters
Scottsdale, AZ
Investment Overview
Transaction Background