News

Retriever Payment Systems, Iron Triangle Payment Systems announce combination

January 23, 2005

HOUSTON and LOUISVILLE, Ky. - Retriever Payment Systems and Iron Triangle Payment Systems LLC combined their services Jan. 1, according to a news release. Retriever is now a subsidiary of ITPS.

Retriever is a leading processor of credit card and other point-of-sale payments that serves more than 95,000 merchants and processes approximately $8 billion in annual volume. ITPS was formed in 2003 to provide transaction-processing and payments services.

Retriever's existing investors have converted their ownership of Retriever into securities of ITPS. All members of Retriever's existing senior management team will remain with the company, which will continue to operate as Retriever Payment Systems.

Both Retriever and ITPS are portfolio companies of GTCR Golder Rauner LLC, a private equity investor in the transaction-processing industry.

"We are extremely excited about Retriever's growth opportunities," said Tom Wimsett, former president and CEO of National Processing Company (NYSE:NAP) and founder of ITPS. "Their recent technology investments, coupled with their unmatched focus on serving and supporting their distribution partners, position Retriever as an outstanding partner for leading independent sales organizations and talented sales people."

GTCR and Retriever management acquired and recapitalized Retriever in July 2004 in a $250 million transaction, the release added.

Retriever provides credit card processing and other point-of-sale payment related services to small- and medium-sized merchants, primarily through independent sales groups. The company offers integrated transaction processing support for all major credit cards, as well as ATM/debit cards, EBT (government financial support programs), check conversion, specialty cards, gift cards and loyalty cards.