SAN FRANCISCO--(BUSINESS WIRE)--Ridgeview Partners, a growth-oriented technology private equity firm, in partnership with The Baupost Group, a Boston-based investment management firm, today announced it has agreed to make a significant strategic growth investment in PayRange, a leading provider of IOT software and payment solutions for unattended retail. Founder and CEO Paresh Patel will continue to lead the company and will retain a significant ownership position.
PayRange provides operators and consumers with a best-in-class software platform that enables secure electronic payments in unattended retail. The company’s end-to-end hardware and software provides real-time visibility into operator footprints, which are often comprised of disparate and unconnected machines. PayRange’s patented and easy to use technology drives improved sales, reduced costs, better operational analytics and a seamless commerce experience.
“We've grown PayRange into a leader in unattended retail with an end-to-end suite of products used by over 10,000 customers and are excited to accelerate our strong momentum with capital, operational, and strategic support from Ridgeview Partners,” said Paresh Patel, Founder and CEO of PayRange. “Ridgeview's investment is a testament to what we've built and will enable us to drive continued innovation to better serve our customers as we enter this new phase of growth.”
“We are thrilled to partner with Paresh and his team on their mission to connect millions of machines around the world,” said Mike Hulslander, Co-Founder of Ridgeview. “PayRange easily and affordably equips unattended retail machines at scale, providing consumers with the electronic payments optionality they expect while giving operators invaluable data and insight into customers and business operations.”
“Paresh and the PayRange team are proven innovators that have built a leading platform with unique technology that is well-positioned to expand into new and attractive markets,” added Hilton Romanski, Co-Founder of Ridgeview. “We look forward to partnering with the team to realize PayRange’s full potential.”
PayRange marks the first investment for Ridgeview Partners since the firm’s founding earlier this year. Mike Hulslander has nearly 15 years of technology private equity experience, while Hilton Romanski has nearly 30 years of experience across operations, corporate investing and private equity. Collectively, the two have executed over 85 transactions worth nearly $50 billion.
Debt financing is being provided by Bain Capital’s Private Credit Group. Sidley Austin LLP is serving as legal advisor to Ridgeview. Wilson, Sonsini, Goodrich & Rosati is serving as legal advisor to PayRange. Ernst & Young Capital Advisors LLC is serving as financial advisor to PayRange.
About PayRange
PayRange was founded by Paresh Patel, an unattended retail veteran, to provide operators and consumers with a simple and secure software and electronic payment experience. PayRange is a leader with over 10,000 customers serving over 9 million users across the US and Canada. Find out more at www.payrange.com.
About Ridgeview Partners
Headquartered in San Francisco, Ridgeview Partners is a growth-oriented private equity firm focused on investing in high-quality technology businesses. The firm has a unique combination of investment and operating expertise that it leverages to help companies accelerate value creation. Ridgeview prides itself on being a preferred partner to founders, management and investors.