Customer experience management company Paytronix Systems has netted $65m in an equity investment from private equity firm Great Hill Partners.
Founded in 2001, Paytronix offers restaurants and convenience store brands with a SaaS-based customer experience management solution. Through the app, clients can get access to reward programs, customer data insights, gift programs and competitions, among others.
The Massachusetts-based company is used in 16,000 store locations and helps to generate $18bn in guest spend, according to the company. Paytronix can be integrated with a range of platforms including mobile, POS and desktops, all helping consumers to spend their rewards.
This funding marks Paytronix’s first institutional capital injection and will enable Paytronix to further technology development to boost its market position.
Great Hill Partners partner Nick Cayer said, “Restaurant and convenience store operators are seeking more efficient and scalable ways to engage with their customers in real-time to increase foot traffic and sales. Paytronix is the clear market leader, providing its robust platform to brands such as Panera Bread, California Pizza Kitchen, Thorntons and Bloomin’ Brands.”
Vista Point Advisors served as the financial advisor to Paytronix, while Morse, Barnes-Brown & Pendleton acted as its legal counsel.
Earlier this week, fellow reward management solution Birch Finance picked up funding, closing a $1m Seed round from angel network AGP Miami. The company offers a credit card reward analysis solution, so consumers can understand their points and maximise offers.
This marks Great Hill Partners second FinTech investment this year, with the firm participating in expense reporting and invoice management company Chrome River’s $35m round. The funding was raised to support the company with its support potential acquisitions.
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