Add-on Acquisition • Internet Software and Services

Payroc Acquires BlueSnap

On July 31, 2025, Payroc acquired internet software and services company BlueSnap from Great Hill Partners and Parthenon Capital

Acquisition Context
  • This is Payroc’s 10th transaction in the Internet Software and Services sector.
  • This is Payroc’s 17th transaction in the United States.
  • This is Payroc’s 2nd transaction in Massachusetts.

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M&A Deal Summary

Date July 31, 2025
Target BlueSnap
Sector Internet Software and Services
Buyer(s) Payroc
Sellers(s) Great Hill Partners
Parthenon Capital
Deal Type Add-on Acquisition
Advisor(s) TD Securities
William Blair (Financial)
Goodwin Procter (Legal)

Target Company

BlueSnap

Waltham, Massachusetts, United States
BlueSnap offers SaaS-based global payments, eCommerce, and marketing solutions that enable digital goods and content sellers to market and sell products online to buyers. BlueSnap was founded in 2001 and is based in Waltham, Massachusetts.
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Buyer Overview 1

Buyer

Payroc

Tinley Park, Illinois, United States

Category Company
Founded 2003
Sector Internet Software and Services
DESCRIPTION

Payroc LLC is a provider of an online platform for merchants with anytime, anywhere payment solutions. The company transparent pricing clarity and developing personal relationships while delivering exceptional technology. Payroc services and supports more than 10,000 merchants throughout North America, providing stability in payments by safely and securely processing over $3 billion in annual charge volume.


Deal Context for Buyer #
Overall 19 of 20
Sector: Internet Software and Services 10 of 10
Type: Add-on Acquisition 18 of 19
State: Massachusetts 2 of 2
Country: United States 17 of 17
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-26 i3 Verticals - Merchant of Record Payments Business

United States

i3 Verticals' Merchant of Record Payments Business is provider of merchant services and payments software and technology solutions.

Buy $440M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-07 Agilisa Technologies

Santo Domingo, Dominican Republic

Agilisa Technologies is a payment gateway company specializing in API-driven solutions for retail, e-commerce, and service sectors. Agilisa Technologies is based in Santo Domingo, Dominican Republic.

Buy -

Seller Profiles 2

SELLER

Great Hill Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 12.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Great Hill Partners is a private equity firm focused on growth equity and recapitalization investments in well established public and private companies valued put to $1 billion. Great Hill targets companies within consumer services, business services, financial technology, healthcare, internet, logistics, media, communications, technology services, software and transaction processing. The Firm invests in the range of $25 to $500 million per transaction. Great Hill prefers companies located in the US, but will also consider opportunities in Europe and Latin America. Great Hill Partners was formed in 1998 and is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 63 of 64
Sector: Internet Software and Services 24 of 25
Type: Add-on Acquisition 39 of 40
State: Massachusetts 9 of 9
Country: United States 53 of 54
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-02 Mission

Los Angeles, California, United States

Mission is a born-in-the-cloud managed services and consulting provider, offering end-to-end cloud services, innovative AI solutions, and software for AWS customers. The company helps manage technology investments, improve performance and governance, scale to meet demand, safeguard clients' data, and innovate fearlessly. Mission Cloud was founded in 2001 and is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-20 TodayTix

New York, New York, United States

TodayTix is a mobile-first ticketing platform in the performing arts market. TodayTix is the place for audiences to discover, explore, and engage with the best entertainment their city has to offer. TodayTix was founded in 2013 and is based in New York City.

Sell -
SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.


Deal Context for Seller #
Overall 35 of 35
Sector: Internet Software and Services 3 of 3
Type: Add-on Acquisition 16 of 16
State: Massachusetts 6 of 6
Country: United States 35 of 35
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-08 ICD

San Francisco, California, United States

ICD is an institutional trading and investment risk management. ICD's next-generation Software-as-a-Service portal, best practices methodologies and award-winning transparency plus exposure analytics, support corporate treasury with end-to-end solutions. The ICD Global Trade Desk provides expert service out of its Boston offices. ICD was founded in 2003 and is based in San Francisco, California.

Sell $785M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-04 Elevate Patient Financial Solutions

Spring, Texas, United States

Elevate Patient Financial Solutions is a provider of technology-enabled revenue cycle management services for hospitals, health systems, and healthcare providers. Elevate Patient Financial Solutions proprietary technology platform offers a unified suite of solutions designed to engage patients, empower physicians and hospitals, and improve financial outcomes throughout the entire healthcare continuum. For four decades, the company has been providing innovative solutions to the medical community and serving hundreds of millions of patients across numerous medical specialties. Elevate Patient Financial Solutions was founded in 1980 and is based in Spring, Texas.

Buy -