TimePayment, a Boston FinTech company that provides sales financing for specialty equipment sellers, has acquired eCommerce-focused financing firm QuickSpark Financial.
According to a Tuesday (Sept. 6) news release, Tempe, Arizona-based QuickSpark helps equipment vendors and end users in more than 50 industries secure funding for their small to medium-sized businesses.
Under the terms of the deal — no dollar amount was provided — QuickSpark will operate as a strategic business unit of TimePayment.
“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,” TimePayment Executive Chairman Hank Reeves said in the release. “The acquisition is a great strategic and cultural fit for TimePayment.”
TimePayment President and CEO Jay Haverty noted that the two companies have worked together and competed against each other to offer vendor financing.
“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,” he said.
See also: TimePayment Closes on $375M Credit Facility for Equipment Financing
More than 30 of QuickSpark’s employees were hired as TimePayment employees, while QuickSpark’s 500 vendor website integrations will continue to operate as is, with plans to migrate to TimePayment’s eCommerce platform later this year.
The news comes one week after TimePayment announced the closing of a new $375 million revolving credit facility, which the company said will strengthen its capital position and support the ongoing growth of its sales financing for specialty equipment sellers.
“This new facility is an important part of our overall, long-term capital markets strategy,” Haverty said. “The expansion and extension of our primary facility was a priority as we continue to realize record originations and earnings growth.”
Read more: Time Payment Acquires Equipment Financing Firm Wheaten Financial
Earlier this year, TimePayment acquired Wheaten Financial, which finances equipment and commercial vehicle purchases.
At the time, company executives said Wheaten Financial had consistently grown its market share since its launch in 2007, noting that TimePayment’s technology platform would extend the reach of Wheaten Financial.
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