TA Associates, a private equity firm with offices in Boston, said Wednesday that in conjunction with company management, it has completed a majority recapitalization of BluePay Processing Inc., an Illinois-based provider of technology-enabled payment processing services to merchants in the United States and Canada.
Goldman Sachs completed an investment in BluePay in 2008, and TA has acquired the firm’s stake in BluePay as part of this transaction, TA Associates said in a press release. Additional terms of the investment were not disclosed.
M. Roy Burns, a director at TA Associates, and Roger B. Kafker, a managing director at TA Associates, have joined BluePay’s board of directors.
“BluePay’s merchant base and processing volumes have grown rapidly as it developed new functionality for its payment acceptance platform and forged integrated payment relationships with hundreds of third-party software providers and developers,” Burns said in a statement. “BluePay’s platform provides merchants with the flexibility, seamless processing, business analytics, and advanced data security essential in the expanding payment processing space. Today, more than half of BluePay’s revenues are generated through integrated payment channels, and we expect this part of the business to continue its rapid growth.”