PORTLAND, Ore.--(BUSINESS WIRE)--Boom Commerce, leading provider of electronic payment processing products and services, has announced a strategic investment in top point-of-sale (POS) technology company, Ovvi (formerly POSsible POS).
Ovvi is a market leader in fully integrated POS hardware, software and payment processing solutions customized for a wide variety of merchants and verticals, including restaurants, bars, lounges, retail, liquor stores, convenience stores and grocery stores. Ovvi’s feature rich POS technology includes inventory management, employee time and management, data analytics and reporting insights, multi-language functionality and online ordering and delivery systems, as well as a multitude of integrations with leading accounting and payroll systems, payment processors and other strategic partners. Ovvi’s sales and business development functions are managed out of its new offices in Newport Beach, CA.
The partnership deepens Boom’s position as a leader in the integrated payments space and provides Boom and its distribution partners with an enhanced POS technology product suite to offer merchants and tools to significantly reduce POS costs by decreasing reliance on third-party POS providers. The transaction also enables Ovvi to tap into Boom’s industry leading distribution channels as well as strategic support and capital to fuel its growth.
Sabin Burrell, Boom CEO, said “We’re ecstatic about this investment and partnership with Ovvi. We’ve looked at many POS companies over the years and Ovvi’s technology is far superior to any we’ve seen in the market. Combining Ovvi’s product and technology expertise with our vast distribution network will be immediately accretive to both companies and expand our market share in both the POS and integrated payment spaces.”
Ovvi CEO Manan Mehta added, “This capital infusion and distribution partnership with Boom will jumpstart our already impressive growth trajectory and give our team more breathing room to focus on what we’re good at – product and technology development. Leveraging Boom’s capital and distribution network and its many strategic relationships within the industry is a huge win for us as we continue improving our suite of POS technology products to enter more markets in both the US and globally and dominate the space from a technology and user experience standpoint.”
Boom and Ovvi have each achieved over 30% revenue growth year over year in 2020 despite dire economic conditions and this partnership positions both companies to exceed that growth rate in 2021. This transaction will not impact any existing customer accounts with Boom or Ovvi.
About Boom Commerce
Boom Commerce is a payment processing technology and service provider headquartered in Portland, Oregon, with additional offices spread across the country. Through our multi-bank full service payment processing platform, we provide a comprehensive suite of payment solutions to support merchants and transaction types of all kinds, including small and medium sized businesses, large enterprises and e-commerce. We market our products and services through a large and diverse network of distributors who we support with technology, expertise and capital to ensure their growth and success. We are also a leading player in the payments industry acquisition space with a focus on strategic and synergistic acquisitions. Our mission is to simplify and streamline the payments experience for our merchants and create an environment in which our distribution and other trusted partners can thrive. Learn more at boomcommerce.com.
Ovvi is a point-of-sale (POS) technology and payments company headquartered in Stafford, Texas, with a regional sales office in Newport Beach, California. We offer leading integrated POS hardware, software and payment solutions to thousands of merchants around the globe within a wide variety of verticals, including restaurants, bars, retail and convenience stores. Our feature rich solutions include inventory management, employee time and management, data analytics and reporting insights, multi-language functionality and online ordering and delivery systems, as well as numerous integrations with leading accounting and payroll systems, payment processors and other strategic partners. Visit us at ovvihq.com and follow us on Facebook, LinkedIn, Twitter and Instagram.