Following Advent’s partnerships with marquee payments companies like Vantiv and Worldpay, we were on the lookout for the next breakout opportunity in the space. One of the trends we could see developing in the industry was the convergence of payments with software.
Also known as integrated payments, these payments solutions are embedded within business management software, delivering a seamlessly integrated experience that allows businesses to reduce administrative costs, improve security, and access real-time payments data.
In pursuit of that thesis, we partnered in 2018 with the founder at Clearent, a St. Louis-based modern payments platform, to support its merger with FieldEdge, a leading business management software vendor in the field services vertical. Supporting the Clearent team with our expertise in both payments and software, Advent helped the combined business to accelerate growth organically and via acquisitions. Through the partnership with Advent, the business is now a leading provider in both the field services and personal services verticals.
In 2019, Advent acquired Transaction Services Group, a leading integrated payments and software platform focused on the fitness and wellbeing, childcare, and education verticals, with a strong presence in Australia, New Zealand, and the United Kingdom. In partnership with Advent’s expertise and capital, TSG moved rapidly to expand its geographic footprint in North America and Europe, while also creating a leading provider in the boutique fitness and studios sub-vertical within fitness and wellbeing – solidifying its position as the global leader in this market.
One of the trends we could see developing in the industry was the convergence of payments with software.
Over time, we saw the opportunity for a merger of both companies that would be strategically powerful and transform the business into a global leader across four attractive market verticals. Clearent was looking to expand into new verticals and geographies, while TSG sought to develop and insource its own payments platform.
In late 2020, Clearent and TSG management, along with Advent, began plans to merge the companies to create Xplor Technologies. With the support of Executive Chair Pam Joseph (ex-CEO of Clearent), CEO Floris de Kort (ex-CEO of TSG), and founder shareholders and board members Dan Geraty (founder of Clearent) and Murray Bolton (founder of TSG), the merger was completed in July 2021.
Floris de Kort
CEO, Xplor Technologies
Today, Xplor Technologies serves over 76,000 businesses across four verticals and in more than 140 countries around the world. Due to Xplor’s unique suite of business management software, and payments and commerce-accelerating technologies, we believe it is well positioned to continue delivering profitable growth at scale.
Xplor’s story is illustrative of Advent’s ability to add value through our sector knowledge, global reach, and deep relationships in the payments and software sectors. The company’s success shows that, with vision and know-how, the whole can indeed be greater than the sum of its parts.