CARROLLTON, Texas & SAN FRANCISCO--(BUSINESS WIRE)--Tidel Engineering, L.P. today announced the completion of its acquisition by Tidel’s management team in partnership with Vector Capital, a global private equity firm specializing in the technology sector. With the backing of the new investors, Tidel plans to accelerate the company's growth and further expand its leadership position within the electronic safe market. Terms of the transaction were not disclosed.
Tidel, founded in 1978, is a leading manufacturer of cash management solutions and cash control systems used by specialty retailers worldwide. Having served retailers for over 30 years, Tidel’s installed base of equipment consists of over 300,000 units in more than 50 countries. The company’s industry-leading product line provides both small and large customers with a host of intelligent cash management capabilities designed to ensure real-time cash accountability.
Amish Mehta, a Partner at Vector Capital who will join Tidel’s Board of Directors, commented, “Tidel is the clear leader in the cash management market, with an unparalleled product portfolio, deep technology expertise, broad channel presence and loyal customer base. Tidel’s outstanding management team and vision make the company a perfect addition to our investment portfolio. We look forward to partnering with Tidel’s management to capitalize on the company’s global growth opportunities.”
“The market for payment automation and cash management solutions is growing rapidly and is becoming a critical component of the retailer’s technology suite,” continued Alex Beregovsky, a Vice President at Vector Capital who will also join Tidel’s Board. “Favorable industry trends combined with Tidel’s unique market position, scale and management expertise make us enthusiastic about the investment as we view Tidel as our platform in the cash management space.”
Mark Levenick, current President and Chief Executive Officer of Tidel, will continue to serve as CEO of the company. Levenick joined Tidel in 1982 and has been the CEO since 1993. He has spearheaded engineering and development of new industry-leading products as well as expansion of the global sales presence, which have allowed Tidel to gain the market leadership position it enjoys today.
“We are excited to be working with Vector Capital,” said Levenick. “Vector’s global capabilities, industry knowledge, and financial resources will help further our shared long-term vision and accelerate our growth, both organically and via acquisitions. The investment is a strong testament to our strategy and will allow us to continue to be the preeminent manufacturer of cash management solutions worldwide and meet expectations of our customers, partners and employees.”
About Tidel
Tidel has been a manufacturer of cash security equipment designed for specialty retail marketers since 1978. Tidel designs and manufactures products for cash security and robbery prevention, as well as retail cash management. To date, Tidel has sold more than 300,000 systems in the U.S. and over 50 other countries. Information about the company and its products may be found on the company’s website at www.tidel.com.
About Vector Capital
With over $2 billion of capital, Vector Capital is a leading global private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector's notable investments are Aladdin Knowledge Systems, Cambium Networks, Certara, Corel, Gerber Scientific, LANDesk, Precise Software Solutions, Printronix, RAE Systems, Register.com, SafeNet, Savi Technology, Trafficmaster, WatchGuard Technologies, and WinZip. For more information, visit www.vectorcapital.com.