Former VeriFone Systems Inc. (NYSE: PAY) CEO Doug Bergeron and private equity firm GTCR are teaming up for a $500 million funding commitment to a new company – Opus Global Holdings LLC - which they expect to be a global financial technology company that will have a worldwide distribution network.
Opus Global, headquartered in Palo Alto, Calif., plans to buy financial technology companies and expand them internationally. “The existing financial technology and payments ecosystems are rapidly evolving, but remain highly fragmented with limited interoperability and little opportunity to leverage enterprise-wide data,” says Bergeron. “We see an opportunity to successfully consolidate and globalize best-in-breed products for worldwide deployment while leveraging data across applications. We intend to assemble a leading, global financial technology company, and to develop a worldwide distribution network of partners, distributors and employees.”
Bergeron will serve as CEO of Opus Global, and invest $50 million in the company. GTCR will invest up to $450 million from its 10th fund, which has $3.25 billion in committed capital.
Chicago-based GTCR focuses on investments in the financial services, health care, information services and technology sectors. The company has invested more than $10 billion in more than 200 companies since it was found in 1980. In February, the firm announced that it would buy NewWave Communications from Pamlico Capital.
Bergeron previously led Gores Technology’s acquisition of VeriFone from Hewlett-Packard in 2001, and with backing from GTCR in 2002, built VeriFone into a payments company with operations in more than 100 countries. The company’s revenue increased from less than $300 million in 2002 to more than $1.9 billion in 2012, under Bergeron’s leadership. In December, VeriFone picked up Eftpos New Zealand Ltd. and Sektor Group’s payments operations.
For more on Bergeron, see "Card Shark: VeriFone's Rise to Point of Sale Supremacy."