Springboard Corporate Finance is pleased to announce that it has advised on the sale of CR7 Services to DNA Payments Limited.
CR7 is a Fintech business, with pan-European reach, that provides mission critical, real-time services for the secure processing of complex payment data on behalf of millions of consumer-to-business transactions every month. CR7 has deployed c. 36,000 payment terminals within the UK market its operating companies – Optomany and 123Send and provides short term hire via 123Hire.
CR7, an investee company of Livingbridge, has developed a ‘next generation’, rapidly scalable processing platform and proprietary payment software that allows merchants to accept payment in a variety of retail environments as well as enabling acquirers to process payments from emerging card schemes such as China UnionPay.
DNA Payments is an ambitious new entrant to the UK payments market, offering SME merchants unrivalled service a highly competitive price. It is committed to build a transparent business model, so that customers can easily track their money at each stage whilst it is being processed using fast and efficient technology.
The acquisition gives DNA Payments a significant foothold in the UK payments sector and will capitalise on CR7’s accelerating growth in the SME market. The technological synergies will allow DNA Payments to provide SME merchants with a one stop shop for state of the art products and services.
CR7’s Chief Executive, Adrian Wilding, commented “We are extremely proud with what we’ve achieved in just a few short years and we were ready for the next stage of accelerated growth. DNA brings with it the talents of its operating board, its experience in payments, and has confirmed its commitment to our independence of operation.”
Mark Turner, Partner at Livingbridge, added “We are delighted to have worked with the CR7 team as they have growth the business over the last five years and we wish them well as part of DNA Payments for the next stage of their journey.”
Springboard Partners Simon Ward and Ben Bolt and Manager Jamie Berry advised CR7 and Livingbridge on the sale. Simon commented “The CR7 team has built an exciting business that is positioned for continuing UK and global growth. Partnering with DNA will deliver significant opportunities for the enlarged group.”
Mark Turner, Partner - Livingbridge
Springboard delivered a focussed, detailed partner-led service. Their refreshingly practical approach ensured the right result was achieved for all shareholders.