TimePayment, a Boston-based fintech company owned by affiliates of Fortress Investment Group, announced the acquisition of QuickSpark Financial, an e-commerce focused financing company that helps equipment vendors and end-users in over 50 industries secure funding for their small to medium-sized businesses. Based in Tempe, AZ, QuickSpark works with over 3,500 vendors, including supporting 500 vendors with deep e-commerce integrations.
The transaction has closed and QuickSpark will now operate as a strategic business unit of TimePayment. The acquisition also includes the purchase of all active leases held by QuickSpark’s subsidiaries which operated under the name Briland Capital and QSE Capital.
“The QuickSpark team is extraordinarily talented at integrating with e-commerce websites and supporting vendors, with a high-touch approach to e-commerce sales that engages customers and drives larger order sizes,” says Hank Reeves, Executive Chairman of TimePayment. “The acquisition is a great strategic and cultural fit for TimePayment.”
That confidence is echoed by Jay Haverty, TimePayment’s President and CEO, who points to the long relationship the two firms have shared. “For years, our teams have both worked together and competed against each other to offer the best vendor financing relationships. QuickSpark’s team has offered great e-commerce integrations, fantastic closing and upselling capabilities, and operated a vendor portal continually rated by vendors as one of the best in the industry.” Looking ahead, he says, “I can’t wait to see what they can do with TimePayment’s industry-leading technology supporting them, especially after our recent platform enhancement. Together we will take the best of both company’s e-commerce and internal workflow tools to deliver superior technology and sales automation for the vendor finance industry.”
Over 30 of QuickSpark’s employees were hired as TimePayment employees. They will operate a new “QuickSpark” strategic business unit within TimePayment. QuickSpark’s 500 vendor website integrations will continue to operate as is, with a plan to migrate to TimePayment’s recently unveiled next-generation e-commerce platform later this year. TimePayment will also add many new large funding relationships via their Syndication Desk to allow the new QuickSpark strategic business unit to fund more business for each of their legacy vendors.