GTCR Announces $500 Million Partnership with Douglas Bergeron to Form Opus Global Holdings
September 25, 2013
Chicago, IL, and Palo Alto, CA
Successful financial technology veteran to pursue acquisitions ranging in size from entrepreneurial entities to multibillion-dollar enterprises.
GTCR, a leading private equity firm, today announced it has entered into a partnership with Douglas G. Bergeron to form Opus Global Holdings, LLC (“Opus Global”), headquartered in Palo Alto, California. Opus Global represents the second partnership between Mr. Bergeron and GTCR and will focus on pursuing companies across certain segments of the financial technology industry. GTCR, the firm that pioneered the Leaders Strategy™—partnering with management leaders in growing industries to create market-leading companies—plans to invest up to $450 million of equity capital to support the strategy. Mr. Bergeron will serve as CEO of Opus Global and plans to invest up to $50 million.
Mr. Bergeron, a 23-year veteran of the financial technology industry, served as CEO of global payments technology leader VeriFone (NYSE:PAY) from 2001 through 2013. Bergeron previously led the acquisition of VeriFone from Hewlett-Packard in 2001 and, together with backing from GTCR in 2002, built VeriFone into a leading multinational payments company with operations in over 100 countries and 2012 revenue of nearly $1.9 billion.
Prior to VeriFone, Mr. Bergeron was a nine-year veteran of SunGard Data Systems, serving as CEO of SunGard Brokerage Systems and president of SunGard Futures Systems among other executive positions. Subsequently, he served as CEO of Geac Computer (now part of Infor) and as a group president at Gores Technology Group (now The Gores Group).
“The existing financial technology and payments ecosystems are rapidly evolving, but remain highly fragmented with limited interoperability and little opportunity to leverage enterprise-wide data,” said Mr. Bergeron. “We see an opportunity to successfully consolidate and globalize best-in-breed products for worldwide deployment while leveraging data across applications. We intend to assemble a leading, global financial technology company and to develop a worldwide distribution network of partners distributors and employees.”
“We are excited to once again partner with Doug,” stated GTCR managing director Collin Roche. “As a result of our previous partnership with Doug, we have tremendous respect for his capabilities in identifying sectors for strategic growth and building successful businesses in those sectors. We believe that Doug’s technology, software and recurring services experience and his expertise in international channel development will contribute to the success of Opus Global.”
“GTCR has deep sector expertise in the financial technology and payments industries,” added GTCR managing director Aaron Cohen. “Drawing on our track record and continued focus in this sector, we believe there are a number of compelling industry trends that we are excited to capitalize on with Mr. Bergeron. Moreover, the amount of equity capital allocated to Opus Global will enable GTCR, alongside Doug Bergeron, to consider and pursue a wide array of acquisitions, including the ability to undertake more sizeable transactions.”
GTCR is currently investing its tenth fund, a private equity fund with $3.25 billion of committed capital.
About Douglas Bergeron
As CEO of VeriFone, Mr. Bergeron assembled a worldwide management team that grew total revenues from under $300 million in 2002 to nearly $1.9 billion in 2012. International revenues grew 14-fold, from less than $100 million in 2002 to nearly $1.4 billion in 2012, as products were adapted for global markets and new channels were developed, leveraging the growth of the international payments marketplace.
Mr. Bergeron holds a bachelor of arts degree in computer science with special honors from York University in Toronto, Canada, and a master of science degree from the University of Southern California. In June, 2013 he was awarded an honorary doctorate of laws (LLD) from York University.
Mr. Bergeron is a co-investor and director of Fundtech, Inc., a New York City-based financial systems company in which GTCR is the primary investor, as well as a co-owner and director of Richard Petty Motorsports, a NASCAR racing franchise.
About Opus Global
Headquartered in Palo Alto, California, Opus Global is a company focused on acquiring promising businesses across certain segments of the financial technology industry. Opus Global will seek to execute a transformative strategy of value creation, including the development of international sales channels and opportunistic consolidation of products and services within fragmented markets. Leveraging $500 million in equity capital commitments from GTCR and Doug Bergeron, Opus Global will invest in companies ranging from smaller, entrepreneurial businesses to multibillion-dollar enterprises en route to building an integrated, global financial technology leader. For more information about Opus Global, please visit www.opusglobal.com.
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Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™—finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information about GTCR, please visit www.gtcr.com.