Mid-market PE investor Waud Capital has backed Texas-based Anovia Payments.
The deal will see Anovia join Sphere Payment Platform, which was recently launched by Waud.
It is unclear how the buyout firm funded the transaction, but it was reported last year that the firm had closed a $1.1bn vehicle.
Waud Capital typically invests between $50m and $100m into companies across the healthcare, financial services sectors.
Anovia Payments is a company that offers an alternative payment system. Founded in 2013, it provides a reliable online payment system using technology. It serves a number of businesses across the US.
The company offers merchants physical terminals, virtual terminals, mobile payment app and online payment solutions. Clients can also get access to Hostlt, to help develop an event site and ticket types, Caprock services to help company growth, Anovia Insights to help with business performance management and gift cards powered by Yiftee.
Waud Capital partner Matt Clary said, “This transaction exemplifies Waud Capital’s disciplined approach of partnering with experienced industry leaders to develop high growth platform companies.”
Earlier this year, Waud Capital created a partnership with payment security network TrustCommerce. The partnership is set to give TrustCommerce additional capital and operating experience.
There has been a decline in deal activity since 2015, with the first half of this year having only seen 58 deals completed.
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