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Great Hill Partners Acquires
Majority Interest in BillMatrix Corporation
BOSTON, MA – January 26, 2004 –
Great Hill Partners announced today that it acquired a majority
interest in Dallas-based BillMatrix Corporation. BillMatrix
is a leading provider of comprehensive electronic payment
solutions for companies in the telecommunications, utilities,
insurance, and financial services industries. Great Hill Partners
was the sole investor in the all equity transaction.
According to Mark Taber, Principal at Great Hill Partners,
“BillMatrix is well-positioned to be a leader in the
fast-growing and dynamic consumer automated payments industry.
The company has developed broad capabilities to serve a wide
variety of industries and we are excited to partner with senior
management to accelerate the growth of the business.”
As part of the transaction, Mark Taber and Matt Vettel, Partner
of Great Hill Partners will join the BillMatrix Board of Directors.
BillMatrix was founded in 1994 and has repeatedly been one
of Dallas’ fastest growing companies. In 2003, the company’s
volume of electronic bill payments via credit cards, ATM/debit
cards, and electronic checks grew 87% over the previous year.
“Great Hill Partners has an excellent understanding
of the payments industry and will bring financial and strategic
resources to the company as we enter our next phase of growth,”
said Scott Walker, President and CEO of BillMatrix. “The
electronic bill payment industry is still in its infancy and
this transaction will give us the flexibility to take advantage
of strategic opportunities as they arise.”
According to The Tower Group, biller-direct payments are
expected to grow from 41% of all electronic bill payments
to 61% by 2005. While the number of bills paid electronically
today is still under 5% of all household bills, it has been
growing over 30% annually.
In addition to BillMatrix, Great Hill Partners other recent
investments include Global Tower Partners, a leading owner
and manager of wireless communications facilities throughout
the United States; IGN, the Web’s largest gaming and
entertainment destination; and Vigo, a leading provider of
money remittance services.
Great Hill Partners
Great Hill Partners is a private equity firm that manages
over $1 billion in capital and focuses on investing in companies
in education, business services, media, information, IT, and
communications sectors. Great Hill Partners is currently investing
its $460 million fund, Great Hill Equity Partners II, L.P.,
and is targeting investments of $10 million to $50 million.
For more information, please visit www.greathillpartners.com.
BillMatrix Corporation
BillMatrix Corporation provides outsourced payment services
for the nation’s largest companies using the latest
automated consumer interface technologies. Founded in 1994
and headquartered in Dallas, BillMatrix enables corporations
in the telecommunications, utility, insurance, mortgage and
financial services industries to replace expensive, paper-based
methods of remittance with a set of convenient, labor- and
cost-saving electronic transactions. Consumers are able to
make payments in a private and secure manner, via the Internet
and telephone, using a variety of credit card, debit/ATM card,
and electronic check payment options. BillMatrix maintains
a fully staffed customer service organization to support both
its clients and their consumers with any payment issues. For
more information, visit www.BillMatrix.com.
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