PORTLAND, Ore.--(BUSINESS WIRE)--Boom Commerce, leading provider of electronic payment processing products and services, today announced the completion of an asset based financing transaction and strategic distribution partnership with Paide, a leading gateway and integrated payments provider. The transaction fortifies Boom’s merchant portfolio with high quality merchant accounts integrated to Paide’s point-of-sale (POS) and gateway technology and expands both companies’ market share in the gateway and integrated payment technology space.
Paide is a POS hardware and software FinTech company with a fully integrated all-in-one tablet and proprietary payment gateway certified to Oracle. The Paide tablet enables merchants to accept orders and payments anywhere and includes contactless payments, robust reporting and back office tools and a host of other security and business management solutions. The company supports merchants in a wide variety of industries with unique solutions built specifically for the restaurant and hospitality sectors.
Sabin Burrell, Boom CEO, said, “We couldn’t be happier to add Paide to the Boom family. This transaction fits our strategy of adding high quality merchant accounts to our portfolio and partnering with groups that have a strong distribution model with integrated technologies to drive our organic growth and improve the quality of our overall portfolio. Paide’s performance during the pandemic has been extraordinary in terms of both maintaining its existing merchant portfolio and adding new business. This speaks volumes about the quality of Paide’s merchant portfolio and the disciplined talent across the organization. The sky is the limit with this group and we’re excited to see what they can do with the added benefit of leveraging our capital and other resources.”
Paide Founder, Brian Beers, added, “We are thrilled to work with the Boom team. Partnering with Boom and its electronic payments platform will streamline our mission to focus on creating premier payment experiences for our clients through leading edge software, hardware and other technology offerings. The Boom team has a proven track record of creating explosive growth opportunities for its partners which we plan to capitalize on by leveraging the capital infusion and operational synergies from this transaction to further develop our products and technologies and expand into new verticals and geographic markets.”
Boom and Paide are each enjoying record years in terms of both revenue and profitability and are well positioned to see record numbers again in 2021. This transaction will not impact any existing customer accounts with Boom or Paide. Financial terms of the transaction were not disclosed.
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 M&A 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.
Paide is a financial technology and point-of-sale (POS) company based in Irvine, California with offices in Houston, Texas, and Atlanta, Georgia. Our all-in-one POS tablet with fully integrated hardware, software and payment gateway technology increases productivity and reduces costs for merchants across the United States. Our proprietary platform is certified to Oracle and includes leading security tools and robust reporting and other business management solutions. We take a consultative approach to the client relationship with a focused mission to increase client profitability and build long mutually beneficial client relationships. Visit us at getpaide.com and follow us on Facebook, LinkedIn and Instagram.