JetPay (JTPY) Announces Receipt of Significant Investment; New Board Appointment Made
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JetPay Corporation (Nasdaq: JTPY) announced that payments industry veteran Larry Stone has made a significant investment in JetPay and will join the Company's Board of Directors.
Mr. Stone is investing $19.6 million into JetPay through a combination of debt and equity. The debt investment of $9.5 million is in the form of a senior secured loan at JetPay's HR & Payroll Services subsidiary. The equity investment of $10.1 million is in shares of previously authorized convertible preferred stock alongside JetPay's existing investor, Flexpoint Ford, a Chicago-based private equity firm. The proceeds from the investment will be used to repay existing debt and provide working capital to support JetPay's growth strategy.
Bipin Shah, Chairman of JetPay's Board of Directors, commented, "I welcome Larry to the Board of Directors of JetPay. I have known Larry for over 25 years and have great respect for his accomplishments in the industry. Larry is an incredibly successful payments executive with a long track record, and I believe that his investment and participation on our Board will further our goal of building a world-class company."
Larry Stone brings over 27 years of executive experience in the payment processing industry. Most recently, Mr. Stone was a Principal and Director of Mercury Payment Systems prior to its sale to Vantiv, Inc. in 2014 and to Silver Lake Partners in 2010. Prior to Mercury Payment Systems, Mr. Stone served as the Founder and CEO of Card Payment Systems, a merchant credit card processing company he founded and sold to Concord EFS in 2000. Mr. Stone started his payment processing career at CitiCorp Card Acceptance Services in 1989 and graduated from the Wharton School of Business at the University of Pennsylvania in 1987.
Mr. Stone stated, "I am excited to join JetPay as both an investor and board member, and I look forward to helping management execute on the vision for the Company. JetPay's processing technology and the quality of its service offerings are tremendous strengths that I believe form a solid foundation for much future success."
Diane (Vogt) Faro, Chief Executive Officer of JetPay, added, "I echo Bipin's comments and, along with the rest of our management team, am pleased to have Larry join as a member of the JetPay Board. His proven leadership and reputation in the industry will be an incredible asset as we continue to build a market-leading company."
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Related EntitiesCiti, Silver Lake Partners
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