QuickSpark Financial, a financing firm that specialized in financing eCommerce, has been purchased by TimePayment, a FinTech company with headquarters in Boston.
The Tempe, Arizona-based QuickSpark assists equipment suppliers and ends users in getting funding for their small to medium-sized businesses across more than 50 industries.
Although no financial information was provided, the deal states that QuickSpark would serve as a strategic business unit of TimePayment.
The QuickSpark staff is extremely skilled at connecting with e-commerce websites and assisting vendors, with a high-touch approach to e-commerce sales that engages customers and encourages larger purchase volumes, according to Hank Reeves, executive chairman of TimePayment. The acquisition is a good fit for TimePayment’s strategy and culture.
According to TimePayment President and CEO Jay Haverty, the two companies have cooperated and competed to offer vendor financing.
He continued, “to build outstanding technology and sales automation for the vendor financing industry,” combining the best internal workflow and e-commerce technologies from both businesses.
With plans to move to TimePayment’s eCommerce platform later this year, QuickSpark’s 500 vendor website integrations will continue to work as-is, but more than 30 of its workers were hired as TimePayment staff.
The news was made public a week after TimePayment announced the completion of a new $375 million revolving credit facility, which the company claimed would strengthen its financial position and allow it to expand its sales financing for providers of specialized equipment.
“This new facility is a critical part of our complete, long-term capital markets strategy,” claims Haverty. The expansion and extension of our primary facility were a priority as we continued to achieve record originations and profitability growth.
TimePayment acquired Wheaten Financial earlier this year, which offers to finance the purchase of industrial and commercial vehicles.
Wheaten Financial’s management said at the time that the technology platform provided by TimePayment will help the company extend its reach and that since its formation in 2007, Wheaten Financial has progressively expanded its market share.
