Creditron and Netvantage Integrate Operations, Adopt Purepay Name
TORONTO and GAITHERSBURG, MD, August 5, 2008 – Creditron, Inc. and Netvantage, Inc., both Purepay portfolio companies, announced today that they are integrating their operations and will adopt the name Purepay, functioning as the Receivables Automation group of the Columbus, Ohio based firm. Wally Vogel, founder and president of Creditron, will serve as president of Purepay Receivables Automation. The combined company boasts a customer base of more than 350 North American companies.
Purepay Receivables Automation will continue to sell and support the Creditron RP$ and Netvantage ItemAge product lines. The newly integrated sales team will offer both products based on unique customer needs across specific vertical markets. Existing customers of both companies will continue to receive superior support and product upgrades.
“Under Purepay’s superb leadership, Creditron and Netvantage have strengthened our market leadership, improved customer satisfaction, and invested in our respective operations, resulting in a significant competitive advantage,” stated Vogel. “The integration of our companies will enable us to build on this momentum while enhancing customer service and enabling greater focus and product innovation based on the requirements of our customers in key market segments.”
The integration of Creditron and Netvantage is expected to be completed in August 2008.
About Purepay
Purepay is a private equity fund focused on the strategic acquisition and operation of payments and transaction processing companies. Based in Columbus, Ohio, Purepay acquires growing companies, extends their existing capabilities, and accelerates organic growth with the intent of operating the companies long-term. The firm targets a broad set of payments and transaction processing capabilities within the financial services industry. For more information, visit Purepay at www.purepaycapital.com.
About Netvantage
Netvantage, Inc., a Purepay portfolio company, integrates its custom software applications with well known financial document processing platforms to deliver automated payment processing solutions for commercial and public sector organizations nationwide. The company is headquartered in Gaithersburg, MD.
About Creditron
Creditron, Inc., a Purepay portfolio company, is a leading provider of payment processing software and services. Its solutions combine industry standard operating systems and advanced imaging, scanning and data recognition technology to help low and mid-volume remittance processors optimize operations performance and improve customer service. The company’s 200 North American customers process more than 200 million transactions annually, representing over $50 billion. For more information, visit www.pure-pay.com.
For more information regarding this release, or to arrange interviews with company management, please contact:
Wally Vogel
President
Purepay
Receivables Automation
800-704-8777
wvogel@pure-pay.com
