Brightwell Payments Acquires Directo and Expands Presence in U.S. Paycard Market
ATLANTA, July 9, 2012 – Brightwell Payments, Inc., a payments company offering comprehensive prepaid card solutions for corporations and consumers, announces the acquisition of Directo, Inc., a provider of paycard programs. The acquisition increases Brightwell’s penetration of the high growth paycard market while driving the efficiencies of increased scale.
“There are clear business synergies that will be achieved through the acquisition of Directo. Directo’s product line can be easily integrated, and it will provide a stable, recurring customer base, new distribution channels and niche market opportunities. We will be able to drive scale by leveraging our existing infrastructure and adding our feature-rich functionality to the Directo product suite. We expect the integration to be quick and efficient, and the benefits of this acquisition will be seen almost immediately,” said Kenneth M. Goins, Chief Executive Officer of Brightwell Payments.
Brightwell provides program design, marketing, technology, distribution and fulfillment services for a comprehensive array of prepaid products, including general purpose reloadable, loyalty, award and promotional, and domestic and international payroll cards. Brightwell’s award-winning OceanPay® product has become the industry standard for maritime payroll.
Directo initially introduced its low cost “checkless checking” accounts by providing a paycard accessed account to the unbanked Hispanic marketplace. Directo later broadened its focus to a wide range of customers and distribution partners in the emerging U.S. paycard market. Today, Directo’s clients primarily consist of financial institutions, professional employment organizations, staffing firms, agricultural businesses, and payroll providers.
“Our organizations are a great fit and the combination of the two businesses will drive scale through an enhanced focus on paycard business opportunities,” said Jim McCarthy, Chief Executive Officer of Directo. “Joining Brightwell provides the benefits of expanded resources, product features and capabilities that will yield increased growth and value creation,” McCarthy added.
“Brightwell Payments’ strategy is to continue to combine organic growth with growth from acquisitions that provide complementary products and services, such as paycard programs with loyal client bases in specialized niche markets,” added Goins.
About Brightwell Payments, Inc.
Brightwell Payments, Inc. is a payments company offering comprehensive prepaid solutions for corporations and consumers both domestically and internationally. Its services include program design, marketing, technology, distribution and fulfillment services for a comprehensive array of prepaid products including general purpose reloadable cards, loyalty, award and promotional cards, and domestic and international paycards including its award winning OceanPay® maritime paycard product. Founded in 2001 as a division of West Suburban Bank, the company was acquired by private-equity firm Navigation Capital Partners in 2009 before being renamed as Brightwell Payments. Brightwell Payments’ headquarters are in Atlanta with satellite offices in Chicago, Milwaukee and Miami. Visit www.brightwellpayments.com for more information.
About Directo, Inc.
Directo, Inc., founded in 1998 and, based in Atlanta, Georgia, provides domestic paycard programs to corporate clients consisting of financial institutions, professional employment organizations, staffing firms, agricultural businesses and payroll providers. Visit www.directocard.com for more information.