A portion of the committed funds was used to buyout an existing investor, the main part will be used to fund the company’s US and European acquisition strategy. Great Hill was the sole investor in the all equity transaction, with Veracity’s founders, current management team and GTX Partners retaining a significant ownership position.
Founded in late 2007 by CEO Joe Cohane, Stephanie Sharp and Grant Putre, Veracity provides credit card, debit card and ACH processing solutions to small- and medium-sized businesses. The company operates a channel-driven strategy targeting community banks, trade associations and affinity partners to provide diverse payment and billing solutions to SMBs through a combination of organic activities and acquisitions.
Since inception, Veracity has completed five acquisitions and currently processes for more than 12,000 merchants across numerous industries, leveraging its relationships with 180 partners.
After the close of the transaction Matt Vettel, Chris Busby and Nick Cayer from Great Hill will join the company’s Board of Directors.