Clearent Acquires CompassMax - Press Release
Acquisition brings together top independent software vendors in the dry-cleaning industry
St. Louis (July 16, 2018): Clearent Software Holdings, a wholly owned subsidiary of St. Louis-based payments solutions provider Clearent, announced it has completed the purchase of Falmouth, Maine -based Compassmax, developer of comprehensive dry cleaning point-of-sale software. The deal marks Clearent’s second acquisition in the dry-cleaning space, following the company’s purchase of Draper, Utah -based SPOT Business Systems earlier this year.
Founded in 1986, Compassmax provides software design, installation and technical support for the dry-cleaning industry. The company specializes in creating innovative and customized software solutions for its customers, allowing them to focus on maximizing profitability and efficiency in their businesses.
“With Compassmax, we saw an opportunity to bring together two software leaders in the dry-cleaning industry,” said Dan Geraty, CEO of Clearent. “Compassmax and SPOT have the knowledge, experience and technical expertise to ensure customer needs are exceeded in the complex and competitive world of dry-cleaning. We couldn’t ask for a better fit.”
Compassmax joins SPOT Business Systems as a company under Clearent Software Holdings. Clearent plans to combine the companies’ operations over time, focusing all software development and innovation on the SPOT platform. The combined company, which will retain the SPOT name, will continue to fully support the Compassmax software solution with ongoing service, maintenance and technical support as customers are transitioned to the SPOT platform.
“Merging these companies will allow SPOT and Compassmax to leverage combined thinking, capabilities and development spending as a combined company, rather than duplicate efforts as competitors,” said Geraty. “At Clearent, we are committed to ensuring a smooth transition to the newly combined SPOT for customers and employees alike.”
Preliminary transition plans for customers include the creation of software demonstrations and education sessions for current Compassmax customers to learn about SPOT software features and services, as well as increased customer-service hours to respond to customer inquiries. Dedicated teams will work with each customer to ensure a smooth transition process. The Compassmax platform will stay in place, with a full host of technical-support and maintenance services throughout the transition process.
The combined company will operate as SPOT, with headquarters in Draper, Utah. Compassmax’s Falmouth, Maine, offices will remain open, and Clearent has committed to retaining all Compassmax employees. Both SPOT and Compassmax employees will assist in the transition to the SPOT platform, including the areas of installation and other customer-support activities. In addition, Compassmax developers will shift their focus to maximizing the SPOT platform and developing continued innovations and enhancements to the software.
Clearent, which recently was acquired by global private-equity investor Advent International and merged with field-services software company FieldEdge, remains focused on growth through acquisition in the personal-service software-as-a-service (SaaS) space. The company is seeking additional acquisitions for its current vertical markets (field services and dry cleaning) as well as acquisitions in new vertical markets.
Clearent is committed to leveraging its technology expertise and payment-processing leadership and best practices to create synergies and invest in technology and development for acquired companies, while allowing them to preserve their corporate culture by allowing them to run as stand-alone businesses as subsidiaries in the Clearent Software Holdings family of companies.
Clearent is a full-service, payments solution provider with more than 400 employees, 45,000 merchants and $16 billion in processing volume. From traditional point-of-sale terminals, mobile solutions and tablet-based systems to a custom-built virtual terminal, e-commerce plug-ins and hosted payments, Clearent helps small business owners securely accept payments just about anywhere. Headquartered in St. Louis, Missouri, the company has consistently been named to several prestigious lists year after year, including the Inc. 5000 list of fastest-growing companies, The Nilson Report’s list of top U.S. acquirers, The St. Louis Post-Dispatch Top Workplaces award and the St. Louis Business Journal’s list of fastest growing private companies. To learn more, visit clearent.com.
About SPOT Business Systems
Initially launched in 1991 as a DOS-based product, SPOT Business Systems provides powerful software- and web-based business tools to help customers in the dry-cleaning industry deal with the day-to-day operational issues related to running their business. Features include detailed reporting for production and accounting, retention marketing, customer service features all with enterprise class configuration options. SPOT solutions are highly scalable – from a single-user system to a 10,000-user enterprise – on current technologies provided by Microsoft, Citrix and other leading manufactures. With five full-time developers and a combined 96 years of experience behind its product, SPOT has evolved into the leading software provider in the dry-cleaning industry. For more information, visit www.spotpos.com.
Compassmax is an industry leader in the design, installation and support of technological solutions for the fabricare industry. With more than 25 years of working in partnership with many of the best dry cleaners in the world, Compassmax specializes in creating innovative and customized solutions for the evolving dry-cleaning marketplace. Leveraging state-of-the-art technology and a stable platform, Compassmax provides clients with a full-featured product designed to improve efficiency in every aspect of the dry-cleaning business – from sales to delivery – while offering outstanding support. For more information, visit www.Compassmax.com.