Financial Information Technologies, an electronic invoicing and payments company for the alcoholic drink industry has received an investment from TA Associates.
The firm has invested alongside Luminate Capital Partners, to build on a growth investment in the company from the latter from two years ago.
Financial Information Technologies says it created the first electronic payment solution for regulated beverage alcohol, and has expanded its products to offer analytics tools to help customers improve their business operations. Its products are used by more than 120,000 retail locations and over 3,500 beverage alcohol distributors throughout the US.
The company also provides businesses with solutions for purchase orders, reconciliation, data reporting, pricing, promotion communication, and compliance tools.
The capital will be used to support new product developments and strategic investments.
TA managing director M Roy Burns said, ?Fintech is the market leader enabling more efficient commercial transactions and improving business decisions in the complex and regulated beverage alcohol market.
?With its unique place in the market, we believe that there is a significant opportunity to build on Fintech strengths to meet the demands and expectations of its retail and distributor customers.p>
Goodwin Procter provided legal counsel to TA Associates, Kirkland & Ellis provided legal counsel to Luminate Capital Partners, and Holland & Knight provided legal counsel to Fintech.
TA closed its most recent flagship fund, Fund XII on $5.3bn in 2015. Earlier in the year, the firm acquired the regulatory, investor communications and performance reporting company Confluence.
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