GTCR Acquires BankServ

GTCR, a premier private equity firm focused on investing in growth companies in the Financial Services and Technology, Healthcare and Information Services and Technology industries, has successfully completed the acquisition of BankServ, a major provider of SaaS (News - Alert) banking and payments systems.

The acquisition received regulatory clearance last week and was approved by BankServ shareholders.

BankServ develops SaaS-based payment systems used by banks and corporations to transfer money quickly and efficiently around the world. Its product lineup includes systems for wire transfers, SWIFT messaging and connectivity, remote deposit capture, online payments, mobile banking and more.

The completion of the deal marks the first ownership change in the nearly 15-year history of the company.

With this acquisition, BankServ will join a portfolio of more than 25 companies under GTCR's management, including fast-growing firms in the financial services and technology, healthcare and information services and technology fields.

CEO Dave Kvederis expressed enthusiasm about the company's new relationship with GTCR and to the opportunities it presents.

“Our goal at BankServ is continued growth, and GTCR has an outstanding track record of acquiring companies poised for expansion, and supporting that growth. I am thrilled about the opportunity to work with an ownership group that can help us realize our goals of elevating BankServ to the next level,” Kvederis said, in a press release. “As the newest member of the GTCR portfolio, I believe we are truly in elite company.”

In related news, the Insulation Contractors Association of America announced that it has selected BankServ as a preferred partner to provide mobile credit card and check processing to its members nationwide.

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