Transact Campus Inc., “Transact,” an award-winning leader in innovative campus technology and payment solutions, announced its majority owner Reverence Capital Partners has signed a definitive agreement to sell Transact to Roper Technologies, Inc. for $1.6 billion.
The transaction is expected to close in this quarter. As a part of the transaction, Reverence Capital Partners, which acquired Transact from Blackboard Inc. in 2019 and has since held a majority stake, will sell its stake to Roper.
Transact will be combined with Roper’s CBORD business, a provider of access & security and campus commerce solutions for acute healthcare and senior living facilities, higher education institutions, and K-12 school districts. Transact CEO Nancy Langer will lead the combined business, while Transact customers will continue to utilize their existing Transact products and services.
“We are extremely excited for this next stage of our journey and look forward to continuing to provide best-in-class experience to our customer base, while also bringing to them the benefits of a more scaled platform,” said Nancy Langer, CEO of Transact. “I also wanted to thank Reverence for their invaluable partnership over the past five years. Between standing up the business, building out the management team, and driving product investment that’s led us to becoming a best-in-class institution, Reverence has been integral in getting us to where we are today.”
“We are thrilled for Nancy and the Transact team in their partnership with Roper and CBORD, and want to thank them for all of their hard work and collaboration over the past five years,” said Alex Chulack, Co-Founder and Partner of Reverence Capital Partners. “They have continuously proved to us why they are leaders in their industry and have been a pleasure to work with. We look forward to seeing their continued success and next stage of growth.”
Source: PR Newswire
