Black Dragon Capital℠ Completes Sale of Leading Cloud-Base Payment Solution Payveris

Rhea-AI Summary

On August 11, 2021, Black Dragon Capital announced the sale of Payveris to Paymentus (NYSE: PAY), a leading provider of cloud-based bill payment solutions. Founded in 2011, Payveris has grown significantly under the leadership of Louis Hernandez Jr., enabling over 300 financial institutions to streamline their digital payment systems. The acquisition is seen as a pivotal milestone for Payveris, enhancing its market presence. Black Dragon Capital emphasizes its strategy of leveraging industry insights to drive portfolio growth, maintaining approximately $800M in assets under management.

Positive

• Successful sale of Payveris to Paymentus, enhancing market positioning.
• Payveris serves over 300 financial institutions, highlighting its strong customer base.
• Black Dragon Capital's operational support aligns with industry trends, promoting growth.

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• None.

MIAMI, Aug. 11, 2021 /PRNewswire/ -- Black Dragon Capital℠ ("BDC", "Black Dragon℠"), a high-performing private equity firm founded and led by a diverse manager and team who have a track record of outstanding operating and investment success in growth sectors disrupted by digitization, announced today the sale of Payveris to Paymentus (NYSE: PAY), a leading provider of cloud-based bill payment technology and solutions for more than 1,300 billers across North America.

Payveris was founded in 2011 by Louis Hernandez Jr., Founder and CEO of Black Dragon Capital℠. Hernandez is an award-winning entrepreneur who brought in other sophisticated investors and a proven management team. Payveris has grown into a market-leading company that enables financial institutions to simplify and innovate their digital payments delivery systems while significantly reducing operating costs. Its cloud-based software platform allows customers of banks and credit unions to move their money using smartphones, personal computers, and other handheld technology almost instantly. More than 300 financial institutions and fintech companies use the platform.

"We are all grateful to the Payveris management team, clients, investors, board members, and partners who worked with our team at Black Dragon℠ to help develop Payveris into a market leader. I remember founding Payveris at my house in Glastonbury, CT, dreaming of creating a market leader to reshape the FinTech industry. Black Dragon Capital℠ prides itself on unlocking the potential of its portfolio companies. The growth that we have seen from Payveris over the past few years has been nothing short of remarkable. The company has steadily expanded, making its leading-edge software solutions accessible to an ever-growing client base of US banks and credit unions. Paymentus's acquisition of  Payveris  is a huge milestone that will no doubt only lead to greater things for the company," said Louis Hernandez Jr., Founder, and CEO of Black Dragon Capital℠.

The creation of Payveris illustrates the kind of insight that Black Dragon℠ brings to bear on behalf of all its portfolio companies. Black Dragon℠ is thesis driven. Every decision, every investment, and every strategic model is based on an informed analysis of trends within each industry sector and of the ways in which digitization is collapsing workflows, destroying barriers within industries, and creating value. In addition, the firm is operationally led by professionals with significant industry experience, and work alongside company leaders to meet day-to-day challenges and seize opportunities.

Contact info:
Gina Rogoto
Black Dragon Capital℠, LLC
grogoto@blackdragoncap.com
+1 (305) 539-9415

About Black Dragon Capital℠
Black Dragon Capital℠ ("BDC") is a high-performing private equity firm founded and led by a diverse manager and team who have a track-record of outstanding operating and investment success. They make control investments in mid-market technology companies in growth sectors disrupted by digitization. They work closely with entrepreneurs to build market leading companies using their proprietary Black Dragon Toolkit℠. They have an enterprise value of current assets under management of approximately $800M USD.

Learn more at www.blackdragoncap.com.

About Payveris
Payveris is the creator of the MoveMoney^SM platform, an open API, cloud-based platform that enables financial institutions to control, simplify and extend engaging digital money movement capabilities to their users through any application or device while significantly reducing operating costs and future-proofing their IT investment.

Visit payveris.com to learn more.

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SOURCE Black Dragon Capital

FAQ

What is the significance of Paymentus acquiring Payveris?

The acquisition enhances Payveris's market presence and growth potential in the digital payments industry.

When was Payveris sold to Paymentus?

Payveris was sold to Paymentus on August 11, 2021.

Who founded Payveris?

Payveris was founded in 2011 by Louis Hernandez Jr.

What does Payveris do?

Payveris provides a cloud-based platform that simplifies digital payments for financial institutions.

What is the stock symbol for Paymentus?

The stock symbol for Paymentus is PAY.