Collin Roche Managing Director, GTCR

Aaron Cohen Managing Director, GTCR


Michael S. Hollander Managing Director, GTCR

Collin Roche, Aaron Cohen, Michael S. Hollander Managing Directors, GTCR

Acquisition Activity


platform acquisitions*

*Additional information

Acquisition Activity


billion of total purchase
price since 2000*

*Additional Information

Acquisition Activity

155 +

add-on acquisitions*

*Additional Information

Acquisition Activity Since 2000
Additional Information

Financial Services & Technology

GTCR has a long history of private equity investment in financial services and financial technology companies.

Financial services investment opportunities include the full spectrum of business models involving the bearing of risk and the management of capital. Our private equity firm tends to focus our investments on less cyclical areas where risk-adjusted returns can be more consistently attractive.

Our investment opportunities encompass those businesses around the financial services complex. These businesses often serve as vendors to financial services companies, or they participate in the delivery of a financial service or product to businesses or consumers. With organic and inorganic growth, and the inherent operating leverage of the business model, many financial services and technology companies exhibit attractive margin expansion and earnings growth.

In both prosperous and challenging economies, there are critical factors to be weighed for private equity investment in financial services and technology. GTCR’s sector expertise and strong relationships with industry experts, leaders and analysts help to identify untapped opportunities in the new financial landscape.

Portfolio Company


AssuredPartners is one of the fastest-growing, full-service insurance brokers in the United States, offering property and casualty and employee benefits insurance products and services to middle-market businesses, public institutions and high-net worth individuals. The company serves over 400,000 clients and offers an extensive portfolio of more than 250 products and services from more than 1,700 insurance carriers. Founded in 2011, AssuredPartners is the twelfth largest insurance broker in North America with over 225 offices in 36 states and the United Kingdom.

Location: Lake Mary, Florida

Phone: (407) 804-5222

Initial Investment: 05/13/2019

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Jim Henderson

Jim Henderson, Chairman of the Board of Directors and Chief Executive Officer, has served in this capacity since founding the Company in March 2011. Jim has over 40 years of experience in the insurance brokerage industry. He began his career as a certified public accountant with Ernst & Ernst. For ten years, he served as Chief Financial Officer and Executive Vice President with Ormond Reinsurance Group. From there, he spent 25 years with Brown & Brown, a publicly traded national insurance brokerage, progressing from Chief Financial Officer to serving as Vice Chairman and Chief Operating Officer from 2007 through his retirement in August of 2010.

Jim is a Chartered Property Casualty Underwriter, former Certified Public Accountant and earned his B.S. degree from Florida State University in Accounting and Economics.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
Portfolio Company


CAPTRUST is an independent registered investment advisor with more than 700 employees nationwide and $390 billion in client assets under advisement (as of March 31, 2020) with clients in all 50 states. CAPTRUST provides investment advisory, asset management, and planning services to thousands of affluent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations, and religious entities.

Location: Raleigh, North Carolina

Initial Investment: 6/2/2020

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Fielding Miller

Fielding is the co-founder and chief executive officer of CAPTRUST. Fielding is credited with setting the course for the company becoming one of the nation’s largest independent financial advisory firms. As Chairman and CEO, he leads corporate strategy, ensuring that CAPTRUST remains competitively positioned to serve our clients’ needs in an increasingly complex and volatile market environment. He holds a Bachelor of Science, Business Administration degree in business marketing from East Carolina University.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
Portfolio Company

Optimal Blue

Optimal Blue is an innovative cloud based software and network services provider in the mortgage industry. The company provides a leading network technology offering to the mortgage industry that enables investors and originators to exchange critical mortgage pricing, eligibility terms and other information.

Optimal Blue’s leading product and pricing engine (PPE) processes real time pricing and eligibility data on approximately 95% of all mortgage products from an array of investors interested in buying mortgages. The Company then distributes this data through its network to more than 1,500 mortgage originator clients that use it to determine the best priced product for their customers. Optimal Blue also offers several products, such as data & analytics, compliance services and secondary hedging and price lock services that extend the capabilities of the core pricing engine and network.

Location: Plano, Texas

Phone: 972.781.0200

Initial Investment: 7/1/2016

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Scott Happ

Scott Happ is Chief Executive Officer of Optimal Blue, having partnered with GTCR to acquire the company in July 2016. Mr. Happ has over 25 years of financial services and technology experience, and was previously founder and CEO of Mortgagebot, where he led the company’s development into an industry-leading SaaS solution for online acceptance and processing of consumer mortgage applications. Mr. Happ led the team that built Mortgagebot from an internal software platform at Wisconsin-based M&I Bank into a standalone provider of hosted software solutions, ultimately serving over 1,400 banks and credit unions at the time of its acquisition by D+H Corporation in 2011 for $232 million. Mr. Happ holds a Bachelor’s Degree in Economics from the University of Wisconsin, where he was elected to the Phi Beta Kappa Society.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
Portfolio Company


Paya (pronounced pie-ya) is a leading provider of payments processing and merchant acquiring solutions in North America. Paya provides credit card, ACH, check, gift and loyalty card processing services to small and medium-sized businesses (“SMBs”) in the United States and Canada. Paya's payment solutions integrate with merchants' business management software solutions and enable them to securely accept electronic payments through multiple channels, including card-present, e-Commerce and mobile. Through the Company's EFT subsidiary, Paya offers specialized ACH processing services to merchants, processors and other businesses. Paya serves a diversified client base of approximately 100,000 SMBs including healthcare providers, non-profit and faith-based organizations, and accounting software companies. Headquartered in Reston, Virginia, Paya was previously Sage Payment Solutions, the North American payments business of The Sage Group plc (LSE: SGE), a global provider of integrated accounting, payroll and payment solutions headquartered in the UK. As a standalone company, Paya is one of the largest independent merchant acquirers in North America

Location: Reston, Virginia

Initial Investment: 8/1/2017

Jeff Hack

Jeff Hack is an experienced executive who has spent over 20 years at leading financial services firms. Over the course of his career, Jeff has demonstrated a passion for leveraging innovative technology to deliver a world-class partner and customer experience.

Most recently, Jeff was an Executive Vice President and Management Committee Member at First Data, a global provider of payments technology and the largest US merchant processor. Jeff was an integral part of the leadership team that transformed First Data, leading to a successful IPO. During his tenure, he held various leadership roles at the firm, including serving as Chief Operating Officer of Global Business Solutions, First Data’s largest division. At First Data, Jeff led the commercialization of integrated payments and software solutions to SMB clients, resulting in increased sales and retention.

Prior to First Data, Jeff was Chief Operating Officer at Morgan Stanley Smith Barney from 2011 to 2013 where he was part of the new management team that led the successful integration of Smith Barney into Morgan Stanley following its acquisition from Citigroup. Prior to joining Morgan Stanley, Jeff spent seven years at J.P. Morgan Chase in a variety of leadership roles as Executive Vice President and Managing Director. Among his responsibilities were leading Corporate Strategy and serving as Chief Operating Officer of J.P. Morgan’s Treasury and Securities Services businesses.

Earlier in his career, Jeff spent 10 years at Smith Barney in leadership positions in product management, strategy, and finance. He served as Smith Barney’s Chief Operating Officer and Chief Financial Officer from 2000 to 2004. He previously worked at McKinsey & Company as Engagement Manager advising major financial services companies from 1991 to 1994.

Jeff is a cum laude graduate in economics from the Wharton School at the University of Pennsylvania and received his MBA from Harvard Business School.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
Portfolio Company


RevSpring is a leading provider of multi-channel billing and communications solutions to the healthcare and financial services industries. RevSpring helps customers accelerate revenue through an end-to-end platform of offerings that includes physical and electronic invoices, consumer payment portals, data cleansing solutions and analytics tools that validate consumer identities and optimize engagement. RevSpring serves a diversified client base of approximately 2,000 health systems & hospitals, revenue cycle management providers and financial services organizations. Headquartered in Wixom, Michigan, RevSpring was formed by the merger of PSC and DANTOM in 2012 and has since become one of the largest billing providers in the industry.

Location: Wixom, Michigan

Phone: (248) 567-7300

Initial Investment: 11/30/2016

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Scott MacKenzie

Scott is a veteran of healthcare industry technology, with over 25 years of leadership experience in consumer engagement, analytics, payments, and digital transformation. Most recently, Scott served as CEO of M*Modal, a leading technology provider of advanced clinical documentation solutions, recently acquired by 3M. The team at M*Modal focused on increasing productivity and the user experience of healthcare providers by seamlessly integrating technology and services to improve clinical documentation and allow physicians to focus on their patients and providing care.

Prior to that, Scott was CEO of Passport Health Communications until its acquisition by Experian, where he served as President of Experian Health. Scott was also part of McKesson Corporation as President of RelayHealth Pharmacy Solutions. He also held executive positions at Cerner Corporation, where he ran its Providing Care business unit focused on physician, nurse, pharmacist and consumer electronic health record (EHR) software.

Scott holds an MBA from the University of Michigan and a BS from Utah State University.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
Portfolio Company

Ultimus Fund Solutions

Ultimus Fund Solutions is the leading independent provider of fund administration services and solutions for investment advisers. Ultimus’ solutions support the launching and servicing of mutual funds, private funds, ETFs, variable annuity trusts, and other pooled investment vehicles. Ultimus provides its clients with fund accounting, legal fund administration, transfer agency and compliance services, differentiating itself through its industry leading technology, highly automated processes, and best-in-class engaged customer service. The result of a strategic combination of Ultimus Fund Solutions and The Gemini Companies, two leading fund administration companies that GTCR acquired and combined in 2019, the combined company services approximately $150 billion of assets under administration and over 840 total funds.

Gary Tenkman

Gary Tenkman is a long-term fund administration industry executive. Gary joined Ultimus Fund Solutions in 2014, having been brought in as Chief Operating Officer to run the business before being promoted to President. During his tenure as President, Ultimus more than doubled in size. Gary has over 25 years of financial services industry experience including most recently as Managing Director of Citi’s North America Investor Services business which included mutual fund, hedge fund, private equity and middle office servicing. Before Citi, Gary held various fund administration leadership roles at BISYS, a publicly traded fund administrator acquired by Citi, and began his career as an Audit Manager at Ernst & Young.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
Leadership case studies are for Management Leaders only and should not be used for investment purposes. Click to proceed Leadership case study
AssuredPartners: Building on Success with Exceptional Management Leaders
Jim Henderson  |  AssuredPartners

Building on the firm’s success in the insurance brokerage industry—where it built Alliant Resources into a leading U.S. middle-market broker in the early 2000s—GTCR worked proactively over a five-year period to find a proven management team to build another middle-market brokerage firm through consolidation within the highly fragmented industry. In executing its Leaders Strategy™, GTCR first identified and then developed a deep relationship with industry veterans Jim Henderson and Tom Riley. Both Mr. Henderson and Mr. Riley had extensive leadership experience at industry leader Brown & Brown. Throughout this time, the industry landscape remained fragmented with valuations that GTCR believed to be compelling relative to historical averages due to the recent recession.

In early 2011, GTCR partnered with Mr. Henderson and Mr. Riley to form AssuredPartners. To build a premier middle-market insurance brokerage firm, Assured’s strategy was to selectively acquire small- to-middle market property casualty and employee benefits insurance brokerage agencies across the U.S. When integrated into the Assured national platform, the acquired local agencies benefitted from stronger carrier relationships, deeper specialty expertise, expanded product offerings available to customers and enhanced operating efficiencies.

With management’s deep industry relationships and strong operational experience, AssuredPartners established itself as an acquirer of choice within the mid-market insurance brokerage industry. Within four short years, Assured acquired over 100 agencies, both regional platform agencies and smaller, highly accretive tuck-in acquisitions. Throughout this period, GTCR provided management with the necessary capital and support to capitalize on these transformational opportunities and position Assured for long-term growth. By executing its Leaders Strategy™, GTCR was able to create a leading national insurance brokerage firm, resulting in GTCR’s successful exit in late 2015.

Ultimately, it was GTCR’s partnership with an industry-leading management team that positioned the firm to successfully execute its transformational investment thesis and create a market-leading insurance broker.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
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Fundtech: Creating Synergies And Leveraging Innovation To Capture A Market
Reuven Ben Menachem  |  Fundtech

GTCR has been a leading investor in the payments industry for more than two decades, and the firm has invested behind secular growth themes in a number of different payment industry sub-segments.

In 2010, the firm was pursuing investment opportunities in payment technology, with a focus on business-to-business and cross-border payments. GTCR determined that this area of the payments universe was underserved by existing technology and services providers, and the growth in business-to-business and cross border payments volumes presented an opportunity to serve an attractive and rapidly growing marketplace.
In the course of the firm’s proactive efforts, GTCR identified and pursued an opportunity to recapitalize Bankserv, a growing SAAS-based provider of payment software and services to small and medium banks, based in Nevada. Initial attempts to consummate a transaction were unsuccessful, but, with further dialogue, GTCR was able to come to an agreement with Bankserv’s Founder and CEO in mid-2011. GTCR expected to invest in Bankserv to foster sustained organic growth and to pursue acquisitions that would add scale and breadth of offerings. As GTCR completed its work to diligence the business and document the transaction, the firm learned that a larger competitor of Bankserv might be willing to entertain acquisition proposals. Fundtech Ltd. was a publicly traded Israeli software business with a strong presence among global banks. It also had substantial overlap with Bankserv’s SAAS-based offerings in the U.S. GTCR believed that the two complementary businesses, if combined in a transformative merger, would have attractive scale and market position attributes, and the combined business would be better positioned to innovate as the leader in this attractive market. GTCR established dialogue with Fundtech’s founder and CEO, Reuven Ben Menachem, about a prospective combination of Fundtech and Bankserv.

The transaction with Fundtech entailed substantial complexity, as GTCR worked against a competing public company that sought to acquire Fundtech. Ultimately, GTCR was able to acquire Fundtech at a substantial premium due to the synergies it could create through the combination with Bankserv. The combined business kept the Fundtech name, with headquarters relocated to New York City. The company operated on six continents with more than 1,500 employees and a strong, global client base.
GTCR’s investment thesis was to transform Fundtech into the undisputed leader in its segment, and GTCR anticipated funding further innovation to extend the company’s competitive lead over other industry players. GTCR underwrote significant re-development of all of the company’s applications and the introduction of new products in demand by customers. GTCR also pursued substantial investment in internal systems and processes to drive greater efficiency, improve quality and enhance the scalability of the business. A number of management changes were made in the first year of ownership. Mr. Ben Menachem assumed the CEO role across the combined business, and President Ed Ho was recruited to add management depth and experience at operating larger enterprises. Strong, experienced managers were hired and promoted into a number of other key roles.

Ultimately, the transformation at Fundtech was successful in enhancing the strategic position of the business. Fundtech’s scale allowed the company to invest a greater amount in development than smaller competitors, and Fundtech enhanced its lead in product capabilities and product line breadth. Sales execution improved with further investments in this area and an improved focus on customer needs. The company experienced an acceleration in revenue growth, to the mid-teens, and profitability grew faster than revenue as the company benefitted from efficiencies and scalable processes and systems.

In early 2015, Fundtech was sold for $1.25 billion to a leading bank technology provider, DH Corporation. The sale price reflected Fundtech’s strong growth and profitability as well as its leadership position in a key, highly strategic segment of the payments industry.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information
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Premium Credit Limited: Transforming An Underachieving Company By Leveraging Resourceful Domain Expertise and Strong Leadership
Andrew Doman  |  Premium Credit Limited

GTCR’s Leaders Strategy™ acquisition of Premium Credit Limited (PCL) illustrates how the firm partners with experienced executives to proactively identify and execute transformative acquisitions. PCL was an attractive business in the insurance payment finance industry, but had suffered from underinvestment and lack of leadership as an orphan subsidiary under corporate ownership.

GTCR’s relationship with PCL began in 2010 when the firm was pursuing investment opportunities in the specialty finance and payment areas with a leading financial services executive. GTCR and the executive reviewed the opportunity to acquire PCL, then a UK-based subsidiary of Bank of America, but were unable to arrange a satisfactory transaction with the seller. The opportunity seemingly passed and the executive subsequently assumed a senior role at a major global bank. Persistent and undeterred, GTCR continued exploring transaction options with Bank of America. And in early 2012, GTCR’s efforts were realized, as Bank of America and GTCR agreed on terms of a transaction.

Concurrent with GTCR’s efforts to acquire PCL, the firm’s networking activities led to a meeting in 2011 with Andrew Doman, the former CEO of Russell Investments and an experienced financial services executive. Discussions with Mr. Doman highlighted his skills as a leader and his fit with a potential PCL acquisition. Working together, Mr. Doman and GTCR refined the investment thesis for the PCL acquisition and formulated the strategy for funding the acquisition and carving out the business from Bank of America.

GTCR and Mr. Doman worked over a period of many months to secure debt funding for the transaction through an innovative asset-backed funding facility. The required funding structure was complex, with five major European banks participating, despite challenging market conditions in the midst of the European debt crisis. After seven months of efforts, GTCR and Mr. Doman succeeded in finalizing funding arrangements in October 2012, and the transaction closed. GTCR and Mr. Doman, along with incumbent managers of the company, set about executing the carve-out from the seller while initiating planned business improvements.

Specifically, the company enhanced its sales focus and service offerings, enabling PCL to deepen its relationships with existing channel partners and to add several new channel partners. GTCR underwrote significant investments in enhanced technology to improve service delivery and efficiency. GTCR was also able to improve the funding facility, resulting in materially lower funding costs. Ultimately, after the successful carve-out and intense transformation of the business, revenues and profits grew significantly. The company also became a more strategically important participant in UK specialty finance.

As PCL grew and continued to demonstrate strong financial performance, the company became better known and understood in the financial community. GTCR received attractive offers for its ownership position in PCL and sold its interest in PCL in early 2015. The Leaders Strategy™ acquisition and ultimate sale of a complex corporate carve-out illustrates how GTCR’s resourcefulness and commitment to working with exceptional management partners can transform an under-performing business and bring about financial success.

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Syniverse Technologies: Successfully Coupling Vision with Action
G. Edward Evans  |  Syniverse Technologies

In 2000, GTCR took the initiative to expand the firm’s financial technology investment beyond its historic focus in payments and banking. GTCR believed other high-growth industry segments, such as the wireless industry, presented attractive investment opportunities. Through resourceful networking, GTCR was introduced to G. Edward Evans, an accomplished executive in the wireless industry. At the time, Mr. Evans was the President and COO of Dobson Communications, a large wireless company that had grown through a series of substantial acquisitions.

Mr. Evans shared GTCR’s enthusiasm for pursuing a financial technology investment in the wireless industry. He identified several companies that represented potential platforms for investment. The largest of these was Syniverse Technologies (then known as TSI Telecommunication Services), which at the time was owned by GTE. Syniverse was the leading wireless financial technology business, providing a variety of services to wireless carriers that involved the translation, clearing, messaging and processing of data related to wireless voice and data transactions. GTCR approached GTE on a proprietary basis, but initially GTE was unwilling to sell.

In the summer of 2001, Mr. Evans became aware that Verizon, formerly GTE, was considering a sale of the company. With the help of Mr. Evans’ insight and diligence, GTCR saw potential for significant revenue growth and cost savings not previously identified by Verizon management. GTCR believed value could be created through the successful carve-out of the business from Verizon, because Syniverse then would be able to work more closely with its customers who competed with Verizon.

GTCR closed the acquisition of Syniverse in February 2002. While near-term growth was challenged in the aftermath of September 11, GTCR believed the investment could achieve substantial cash-on-cash returns from debt paydown as a result of the company’s strong free cash flow. Furthermore, we believed Syniverse would participate in overall wireless voice services growth and in the proliferation of various data services then in their infancy.

Following closing, GTCR and management worked successfully to carve out the company from Verizon, including transitioning operations out of Verizon data centers as well as transitioning certain Verizon back-office support. New functions were created for the standalone company, and a new CFO was hired to oversee a more robust financial organization. At the same time, Mr. Evans and his team transformed business operations by eliminating costs, reorganizing operations and shifting the company’s business development activities toward higher-growth markets. By late 2003, Syniverse was achieving increased growth from new and existing services.

In late 2004, Syniverse acquired EDS Inter Operator Services (“IOS”). The acquisition strategically transformed Syniverse, in that the IOS business was Syniverse’s largest domestic competitor. The acquisition was also highly accretive, as the company was able to eliminate IOS’s duplicative fixed-cost infrastructure. In the aftermath of this successful acquisition, Syniverse completed an IPO in February 2005. Subsequent to the IPO, Mr. Evans retired as CEO in December 2006, and Tony Holcombe assumed the CEO role. GTCR had recruited Mr. Holcombe to the board based on his successful experiences at National Processing, Ceridien and WebMD.

As a public company in which GTCR still had substantial ownership, Syniverse made another transformational acquisition. In April 2007, the company announced the carve-out acquisition of the European clearing operations of Billing Services Group (“BSG”). BSG was a business Syniverse and GTCR had pursued in the past, when it had been a unit of EDS. We worked closely with Syniverse management on the diligence, negotiation and integration plans for the complicated acquisition. The transaction allowed Syniverse to leverage its scale over a broader geography and added important technology and services to the Syniverse product portfolio. The acquisition also solidified Syniverse’s position competitively with a number of important global clients.

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Leadership case studies are for Management Leaders only and should not be used for investment purposes. Click to proceed Leadership case study
VeriFone: Seeing Opportunities That Others Miss
Doug Bergeron  |  VeriFone

In 2000, GTCR’s networking activity within financial technology led to a relationship with Doug Bergeron. Mr. Bergeron had previously served as a senior executive of SunGard, a major financial services and technology business in the securities industry, and he was then serving as CEO of Geac Computer, a Canadian software and services company. Following Mr. Bergeron’s departure from Geac, GTCR and Mr. Bergeron looked for a solid company platform upon which to build a partnership, but couldn’t find the right opportunity.

A year later, VeriFone came into the picture. VeriFone had been a very successful company and the market leader in point-of-sale technology for processing credit card and other payment transactions. Hewlett-Packard (“HP”) purchased VeriFone, a public company, in 1997. While HP made significant investments in VeriFone’s product portfolio, HP focused less attention on the company’s sales and marketing capabilities and suffered substantial losses in pursuit of a “dot-com” strategy. Gores Technology Group (“Gores”) purchased VeriFone at a distressed price in mid-2001. Mr. Bergeron played a key role and assumed the role of VeriFone CEO.

GTCR began discussing a recapitalization with Mr. Bergeron shortly after he joined VeriFone. GTCR considered itself to be an attractive investor to Mr. Bergeron based on our existing relationship with him and our experience and credibility in the payments arena. Mr. Bergeron desired a partner that could add strategic value through knowledge and relationships. Based on our sector expertise, we believed VeriFone’s strong market position would enable it to rebound and drive substantial profitability. We also believed that cost cuts and spreading of fixed costs through organic growth could double margins over time. As well, through our research, we believed the cyclical need for better software functionality, greater processing capabilities and improved connectivity created the potential for substantial revenue growth.

In the spring of 2002, GTCR negotiated a recapitalization with Gores. After the acquisition, GTCR moved quickly with Mr. Bergeron to operationally transform the company. Mr. Bergeron eliminated substantial costs and made significant improvements in the company’s supply chain operations. Mr. Bergeron also introduced new products that achieved strong market reception. Concurrently, GTCR and Mr. Bergeron worked to improve the financial back office, providing for better information and allowing the company to pursue other capital market transactions. We believed this enhanced growth and higher-quality financial reporting made the company an attractive candidate for the public market.

VeriFone went public in May 2005.

Please click here for a complete list of portfolio company investments made by GTCR since its inception as well as past representative management leaders. Please see Terms of Use for important additional information