Looking to expand its suite of products and services offered to the credit and collection industry, Ontario Systems announced yesterday that it had purchased SwervePay, a payment processing platform that specializes in the accounts receivable management and healthcare sectors.
Terms of the deal were not disclosed.
Jaeme Adams, the former chief executive of SwervePay, will join Ontario Systems and become the company’s vice president of payments.
By adding a payment processing platform to its arsenal, Ontario Systems can fully integrate payment processing into its software, which facilitates $35 billion of payments annually, according to a press release announcing the transaction. Among the key capabilities offered by SwervePay’s platform are text-to-pay, same-day settlement options for ACH and credit cards, and account balance automated messages.
“The market is ripe for innovation, and we have an ongoing focus on evolving into a SaaS platform to help our 1,200 clients accelerate revenue and decrease operating costs through frictionless payments, efficient processes, and increased business intelligence,” said Tim O’Brien, Ontario Systems Chief Executive, in a statement. “The acquisition of SwervePay is our first step toward aggressively transforming legacy on-premise software solutions into an end-to-end SaaS solution to automate revenue recovery processes and drive consumer payments. Looking ahead, we’re positioned to develop new products with greater speed, gain network insights, and further connect to the evolving ecosystem around us.”
The acquisition is the first major purchase for O’Brien, who joined Ontario Systems in February, after spending the past decade in the healthcare industry. Ontario Systems was purchased last year by New Mountain Capital.
“The most important part of the accounts receivable operation is completing the final step—capturing and processing the payment— as smoothly as possible,” said Adams. “Together, Ontario Systems and SwervePay will remove an unnecessary point of complexity in the receivables process by unifying the workflow, consumer communications, and revenue capturing tools into one streamlined platform.”