NEWTON, Mass. --Paytronix Systems Inc., a loyalty software provider, has received a $65 million growth equity investment from Great Hill Partners, a Boston-based private-equity firm focused on investments in high-growth midmarket companies.
Founded in 2001 by Andrew Robbins and Matt d’Arbeloff, Paytronix serves more than 330 customers and 16,000 store locations generating $18 billion in guest spending. Great Hill’s investment represents the first institutional capital in Paytronix, which has been profitable for the past 10 years, the company said.
“Restaurant and convenience-store operators are seeking more efficient and scalable ways to engage with their customers in real time to increase foot traffic and sales,” said Nick Cayer, partner with Great Hill Partners. “We are excited to work with Andrew Robbins and the entire Paytronix management team to help with the next stage of growth.”
“To fully execute the vision we’ve set for the company, we needed a financial partner that could quickly scale with us,” said Robbins, president of Paytronix. “With its expertise in growing tech companies, Great Hill Partners fits our needs perfectly. I look forward to accelerating the development of our technology to redefine the guest experience and perpetuate our strategic advantage.”
Morse, Barnes-Brown and Pendleton acted as legal counsel for Paytronix, and Vista Point Advisors acted as its financial adviser. Kirkland & Ellis acted as legal counsel to Great Hill Partners.
Based in Newton, Mass., Paytronix is a provider of SaaS (software as a service) customer-experience management solutions (loyalty, reward, gift, mobile applications and data insights) for restaurants and convenience-store brands.
Great Hill Partners is a Boston-based private-equity firm that has raised more than $5 billion in commitments since inception to finance the acquisition, recapitalization or expansion of growth companies in the internet infrastructure, digital media and marketing services, e-commerce and consumer, healthcare tech and services, financial technology and software industries.