Princeton eCom Completes $10.3 Million Private Equity Financing

Wednesday 31 March 2004 10:48 CET | News

Princeton eCom has raised $10.3 million in a financing led by a new investor: Conning Capital Partners. Also participating in the round were existing investors: Mellon Ventures, the private equity partnership of Mellon Financial Corporation and Lazard Technology Partners.

The company expects to use the proceeds of the financing for additional working capital to support the companys growth and to further investment in new products, development and operations. In addition, on March 30, 2004, New Century Equity Holdings Corp., currently an investor in Princeton eCom, announced the execution of a definitive agreement to sell all of its holdings in Princeton eCom, subject to the approval of New Century Equity Holdings Corp.s shareholders. If approved, New Century Equity Holdings Corp. would sell its entire interest in Princeton eCom to Conning Capital Partners, Mellon Ventures and Lazard Technology Partners in a separate transaction. Princeton eCom offers a product suite of Integrated Payment Solutions to fulfill return on investment demands for its bank and biller customers. The companys solutions enable consumers to process bill payments over the web, telephone (Integrated Voice Response), Customer Service Representatives, and home banking platforms, resulting in significant cost savings, faster collections and improved service for its bank and biller customers. These solutions, which include lockbox and concentration payment products; one-time, enrolled and convenience pay products; and electronic bill presentment products are currently utilized by more than 1,500 businesses and financial institutions to help them meet their payment needs.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce