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  6. ABS Capital Partners Acquires Payspan

M&A Deal Summary

ABS Capital Partners Acquires Payspan

On February 10, 2009, private equity firm ABS Capital Partners acquired information technology company Payspan from ABS Capital Partners and Topmark Partners

Acquisition Highlights
  • This is ABS Capital Partners’ 4th transaction in the Information Technology sector.
  • This is ABS Capital Partners’ 28th transaction in the United States.
  • This is ABS Capital Partners’ 5th transaction in Florida.
Investment Fate
  • Payspan was sold to a consortium of financial buyers in 2017.
  • Payspan was sold to a strategic buyer in 2022.

M&A Deal Summary
Date 2009-02-10
Target Payspan
Sector Information Technology
Buyer(s) ABS Capital Partners
Sellers(s) ABS Capital Partners
Topmark Partners
Deal Type Recapitalization

Target

Payspan

Jacksonville, Florida, United States
Payspan provides payment solutions for health plans and providers seeking to increase provider adoption of electronic payments, engage patient members, and accelerate quality care. Payspan was founded in 1984 and is based in Jacksonville, Florida.

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Buyer(S) 1

Buyer

ABS Capital Partners

Hunt Valley, Maryland, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1990
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ABS Capital Partners is a private equity firm that invests in later-stage growth companies in the healthcare, technology, business services, media and communications sectors. ABS provides capital to help fund growth, provide shareholder liquidity, pursue acquisitions, or to effect a management buyout. The Firm prefers US based business and will consider both majority and minority positions. ABS looks to commit $10 to $30 million per transaction. ABS Capital was formed in 1990 and has offices in Baltimore, Maryland; Waltham, Massachusetts; and San Francisco, California.

DEAL STATS #
Overall 28 of 64
Sector (Information Technology) 4 of 12
Type (Recapitalization) 3 of 3
State (Florida) 5 of 8
Country (United States) 28 of 63
Year (2009) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-01 Brown Advisory Holdings

Baltimore, Maryland, United States

Brown Advisory is a full-service investment and advisory firm based in Baltimore, with principal offices in Washington, D.C., and London. The firm has approximately $15 billion in client assets, including separate accounts, mutual funds and brokerage accounts. About one-third of assets represent institutional clients (endowments, foundations, pension plans, etc.) and two-thirds are comprised of high net worth individuals and families. The large majority of high net worth clients are CEOs, business owners and successful executives and other professionals who have built wealth through their own efforts. Accordingly, the firm has designed its investment and strategic advisory services to meet the needs of clients with complex financial circumstances.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-17 Alarm.com

Tysons, Virginia, United States

Alarm.com is a provider of cloud-based services for remote control, home automation and monitoring services. Alarm.com's multi-tenant software-as-a-service, or SaaS, platform enables home and business owners to intelligently secure their properties and automate and control a broad array of connected devices through a single, intuitive user interface. Alarm.com was incorporated in 2000 and is headquartered in Tysons, Virginia.

Buy $28M

Seller(S) 2

SELLER

ABS Capital Partners

Hunt Valley, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1990
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ABS Capital Partners is a private equity firm that invests in later-stage growth companies in the healthcare, technology, business services, media and communications sectors. ABS provides capital to help fund growth, provide shareholder liquidity, pursue acquisitions, or to effect a management buyout. The Firm prefers US based business and will consider both majority and minority positions. ABS looks to commit $10 to $30 million per transaction. ABS Capital was formed in 1990 and has offices in Baltimore, Maryland; Waltham, Massachusetts; and San Francisco, California.

DEAL STATS #
Overall 36 of 70
Sector (Information Technology) 3 of 11
Type (Recapitalization) 1 of 1
State (Florida) 5 of 7
Country (United States) 36 of 69
Year (2009) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-01 Brown Advisory Holdings

Baltimore, Maryland, United States

Brown Advisory is a full-service investment and advisory firm based in Baltimore, with principal offices in Washington, D.C., and London. The firm has approximately $15 billion in client assets, including separate accounts, mutual funds and brokerage accounts. About one-third of assets represent institutional clients (endowments, foundations, pension plans, etc.) and two-thirds are comprised of high net worth individuals and families. The large majority of high net worth clients are CEOs, business owners and successful executives and other professionals who have built wealth through their own efforts. Accordingly, the firm has designed its investment and strategic advisory services to meet the needs of clients with complex financial circumstances.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-17 Alarm.com

Tysons, Virginia, United States

Alarm.com is a provider of cloud-based services for remote control, home automation and monitoring services. Alarm.com's multi-tenant software-as-a-service, or SaaS, platform enables home and business owners to intelligently secure their properties and automate and control a broad array of connected devices through a single, intuitive user interface. Alarm.com was incorporated in 2000 and is headquartered in Tysons, Virginia.

Buy $28M
SELLER

Topmark Partners

Investor Investor Investor

Category Growth Capital Firm
Founded 2013
Size Small
Type Sector Agnostic
DESCRIPTION

Topmark Partners (formerly Stonehenge Growth Equity Partners) is a growth capital investment firm focused on investing in technology-enabled service businesses in the Southeast US. The Firm looks to commit $1 to $5 million in profitable companies with at least $3 million of revenue. Topmark Partners is headquartered in Tampa, Florida.

DEAL STATS #
Overall 4 of 13
Sector (Information Technology) 1 of 2
Type (Recapitalization) 1 of 1
State (Florida) 3 of 7
Country (United States) 4 of 13
Year (2009) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-26 Health Integrated

Tampa, Florida, United States

Health Integrated, Inc. is a healthcare company that specializes in providing care management on behalf of health plans. Health Integrated, Inc. was established in 1996 and is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-03 Medidata Solutions

New York, New York, United States

Medidata Solutions, Inc. is a provider of cloud-based solutions for clinical research in life sciences, transforming clinical development through its advanced applications and intelligent data analytics. The Medidata Clinical Cloud™ brings new levels of productivity and quality to the clinical testing of promising medical treatments, from study design and planning through execution, management and reporting. Medidata Solutions was formed in 1999 and is based in New York City.

Sell -
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