Canada-based integrated payment gateway services provider E-xact Payments has secured an undisclosed investment from American private equity firm Platform Partners.
Founded in 1999, E-xact operates a processing infrastructure for processing e-commerce payments. It caters to bank partners, software platforms, and omnichannel merchants.
Platform invested alongside former RevSpring and Fiserv senior executive and payments industry veteran Rahul Gupta.
As per the terms of the agreement, Gupta will become E-xact’ chairman of the board.
The company plans to bolster its technology and team using the investment from Platform and Gupta.
Following the deal completion, E-xact named former Silicon Valley Bank MD of payments Phil Levy as its new CEO.
It also appointed the former Elavon SVP of digital revenue development Claude Clausing as the chief business development officer.
Levy and Clausing have more than 40 years of experience in the payments sector.
E-xact co-founder Peter Fahlman said: “Today is an exciting time to be participating in the payments industry.
“Platform has demonstrated their industry expertise and commitment to invest in the best people and technology to address the needs of our customers. It starts with adding Phil and Claude to our senior team.”
Platform CEO Fred Brazelton said: “The E-xact team has built a tremendous business, and we look forward to working with the Company as it expands its service offering to new customers.
“We are excited to partner with Peter, Brian and Gersham to continue developing innovative solutions tied to digital payments.”
Platform SVP Vik Kalra added: “We are thrilled Phil and Claude have agreed to join E-xact.
“They know the Company and employees well from their prior experience, and we can’t wait to work together and execute on the Company’s vision.”