The amount of the deal was not disclosed.
The acquisition and associated investment (which came from TCV’s $2.5 billion growth fund) will support RMS’s next phase of growth and continued innovation of payment services for its merchant customers. RMS’s shareholders, including its founder Paul Bentham, and the management team reinvested alongside TCV. As part of the transaction, John Rosenberg, General Partner at TCV, will join the company’s board of directors, along with Jim Aviles, former COO of Merchant e-Solutions.
Founded in 2007 by Bentham and led by Gareth Poppleton, Managing Director, RMS provides SMEs with payment services including credit and debit card payment machines, solutions for online payments and accepting payments over the phone.