SCOTTSDALE, Arizona., 15 August 2024 /PRNewswire/ — Transact Campus Inc., “Transact,” an award-winning leader in innovative campus technology and payment solutions, today announced that its majority owner, Reverence Capital Partners, has signed a definitive agreement to sell Transact to Roper Technologies, Inc. (Nasdaq: ROP, “Roper”). 1.6 billion US dollarsThe transaction is expected to close this quarter.
Transact will be combined with Roper’s CBORD business, a provider of access and security solutions and campus commerce solutions for acute care and senior living facilities, higher education institutions and K-12 school districts. CEO of Transact Nancy Langer will manage the merged business, while Transact customers will continue to use their existing Transact products and services.
As part of the transaction, Reverence Capital Partners, which acquired Transact from Blackboard Inc. in 2019 and has held a majority stake since then, will sell its stake to Roper.
“We are extremely excited about this next stage of our journey and look forward to continuing to deliver best-in-class experiences to our customer base while providing them with the benefits of a more scaled platform,” said Nancy LangerCEO of Transact. “I would also like to thank Reverence for their invaluable partnership over the past five years. Reverence has been instrumental in getting us where we are today by founding the company, building the management team and driving product investments that have made us a world-class company.”
“We are very excited for Nancy and the Transact team in their partnership with Roper and CBORD and would like to thank them for all their hard work and collaboration over the past five years,” said Alex ChulackCo-founder and partner of Reverence Capital Partners. “They have proven to us time and time again why they are leaders in their industry and it has been a pleasure working with them. We look forward to witnessing their continued success and next phase of growth.”
William Blair acted as sole financial advisor to Transact and Reverence, while Cooley LLP acted as legal advisor.
About Transact Campus
Transact Campus is a leading provider of innovative payment, campus ID and commerce solutions for a connected campus. Transact’s highly configurable, mobility-centric campus technology ecosystem simplifies the user experience across the spectrum of campus life. Transact’s offerings include integrated solutions for payment of tuition and other student expenses, multi-purpose campus IDs and campus commerce. Transact has a long-standing reputation in the education community and proudly serves over 12 million users across more than 1,940 client institutions. Since its inception, Transact has served more than 53 billion US dollars in payments per year, has deployed over 1.9 million mobile credentials, and enabled hundreds of millions of contactless transactions and mobile wallet purchases. For more information, visit www.transactcampus.com.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) financial services-focused private equity, (ii) opportunistic structured credit, and (iii) real estate solutions. Today, Reverence manages over $10 billion in assets. Reverence focuses on thematic investments in leading global financial services companies. The firm was founded in 2013 by Milton Berlinski, Peter Aberg, and Alex Chulack after distinguished careers as advisors and investors in a broad range of financial services firms. The partners bring over 100 years of combined advisory and investment experience across a variety of financial services sectors.
About Roper Technologies
Roper Technologies is a component of the Nasdaq 100, S&P 500 and Fortune 1000. Roper has a proven, long-term track record of increasing cash flow and shareholder value. The company operates market-leading businesses that design and develop vertical software and technology-enabled products for a variety of viable niche markets. Roper uses a disciplined, analytical and process-driven approach to deploy its excess capital to make high-quality acquisitions. For more information about Roper, visit the company’s website at www.ropertech.com.
Media contacts:
Steve Lipin / Lorenzo Brogi-Skoskiewicz
Gladstone Place Partner
(212) 230-5930
Source: Transact Campus; Reverence Capital Partners
