Welsh, Carson, Anderson & Stowe (“WCAS”), one of the leading private
equity firms in the United States focusing on the Technology and
Healthcare industries, and Revel Systems (“Revel” or the “Company”), a
leading provider of cloud-based point of sale (“POS”) solutions, today
announced that WCAS has led a significant new growth capital investment
in Revel. WCAS made its initial investment in Revel in 2014, and
following the transaction, WCAS will be Revel’s new majority shareholder.
WCAS and Revel also announced today the appointment of Scott Betts as
the Company’s new Chief Executive Officer, effective February 6, 2017.
Mr. Betts brings significant experience in senior management roles, most
recently as CEO of Global Cash Access, and previously at First Data
Corporation and Procter & Gamble.
Eric J. Lee, General Partner at WCAS, commented: “During the past two
years, Revel has driven significant product innovation, gained market
traction in key industry verticals, recruited terrific talent to the
Revel team, and demonstrated strong client traction and growth. Revel’s
founders have shown great vision and determination in building the
Company. Looking forward, we believe that there is significant market
potential for Revel’s leading cloud-based POS solution, and WCAS is
excited to fund and catalyze this next phase of Revel’s growth and
success. As we do, we especially want to welcome Scott Betts as the
Company’s new CEO. With deep technology solutions and global operations
experience, he will bring terrific strategic and operational focus as we
drive this next phase of growth.”
“Revel’s mission has always been to make business owners’ and operators’
lives easier and more efficient – spurring entrepreneurship and leading
the industry with excellent features and functionality. Keeping
customers and their success at the forefront will always be core to the
organization,” said Lisa Falzone, co-founder of Revel Systems. “Revel is
on a great trajectory. Lisa and I look forward to watching the company
grow and evolve,” commented Chris Ciabarra, co-founder of Revel Systems.
“I am very excited to join the Revel team and continue Lisa’s and Chris’
great work in building and delivering an outstanding solution and
superior business value to our clients,” commented incoming CEO, Scott
About Revel Systems
Founded in 2010 by Lisa Falzone and Chris Ciabarra, Revel Systems
provides a quick, intuitive and secure iOS-based Point of Sale system by
combining cloud-based technology and the mobility of the Apple iPad.
Revel Systems software offers a feature-rich POS solution for
restaurant, retail and enterprises with integrated payroll, inventory
tracking, customer relationship management and more. Revel serves
thousands of clients around the world today from single-store merchants
to large enterprises, including leading brands such as Cinnabon, Estee
Lauder, Tully’s, Smoothie King and Stanford University. See www.revelsystems.com
to learn more.
About Welsh, Carson, Anderson & Stowe
WCAS focuses its investment activity in two target industries:
technology and healthcare. Since its founding in 1979, WCAS has
organized 16 limited partnerships with total capital of over $22
billion. WCAS has a current portfolio of approximately twenty-five
companies. WCAS’s strategy is to partner with outstanding management
teams and build value for its investors through a combination of
operational improvements, internal growth initiatives and investment,
and strategic acquisitions. The Firm is currently investing an equity
fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over
$3.3 billion in commitments. See www.wcas.com
to learn more.