H.I.G. Completes Sale of Velocity Solutions

MIAMI, Sept. 24, 2024  /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $65 billion of capital under management, is pleased to announce the sale of its portfolio company Velocity Solutions ("Velocity" or the "Company") to CSI, a leading provider of end-to-end financial software and technology solutions. Terms of the transaction were not disclosed.

Founded in 1995, Velocity offers financial institutions best-in-class account acquisition, customer engagement, and retention solutions, as well as intelligent software for monitoring consumer liquidity through overdraft management. With a track record spanning nearly 30 years, Velocity currently services more than 30 million consumers and business owners. Through the Velocity Intelligent Platform®, the Company's powerful analytics support banks and credit unions in managing risk while driving revenue and account holder engagement.

H.I.G. acquired Velocity from the company's founders in December 2017. During H.I.G.'s ownership, the Company executed upon several strategic initiatives, investments, and synergistic add-on acquisitions that drove significant growth.

Christopher Leonard, Velocity's CEO, said, "H.I.G. has been a fantastic partner to Velocity and pivotal in helping us execute our strategic goals. H.I.G. added significant value to our business and our leadership team while supporting strategic investments in our business and strengthening our ability to provide differentiated solutions and services to our clients. We are grateful for H.I.G.'s support and are excited to continue the next chapter of our growth with CSI."

Keval Patel, Managing Director at H.I.G. Capital, commented, "Working with Christopher and the Velocity team has been a pleasure. They have done a phenomenal job executing and growing the business during our partnership. We are confident that Velocity will continue to build upon its record of growth and look forward to following the Company's future success."

About Velocity

Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of technology solutions that drive revenue, service, and compliance for community banks and credit unions. Our Velocity Intelligent Platform® powers all of Velocity's solutions, using machine-led intelligence that delivers powerful analytics, manages risk, and drives revenue, loans, and account holder engagement to our client financial institutions. For more information, please visit myvelocity.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong. H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

Contact:

Keval Patel
Managing Director
[email protected]

H.I.G. Capital
1450 Brickell Avenue 
31st Floor
Miami, FL 33131
P: 305.379.2322
hig.com

*Based on total capital raised by H.I.G. Capital and its affiliates.

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SOURCE H.I.G. Capital