Prism announces latest deal uniting two digital payment solutions companies


23-02-2021

RSM 2000 Ltd, led by the team at Prism Corporate Broking, is to be sold to PayPoint plc (subject to regulatory approval*). This acquisition will significantly enhance PayPoint’s existing digital payments portfolio with new payment types, products and sectors.

Since 1999 RSM 2000 has provided a wide range of secure electronic transaction processing systems, including Direct Debits, card and text payments, as well as innovative mobile event payment solutions to clients across the UK. Prism has worked with RSM 2000’s owners, husband and wife Nigel and Lyn Walters, for over 10 years. Initially carrying out an Options Review, Prism then assisted with the acquisitions of part of CTT (Charity Technology Trust) and Vir2 (Text payments). The ultimate objective was to sell to a business that would be as committed as they have been over the years.

Peter Watson, Managing Director of Prism adds: It was essential that the culture was right for the staff, and that the acquiring business was in a position to help capitalise on the payments systems that RSM 2000 have developed.”

PayPoint’s profile was the perfect match – their existing MultiPay product is an integrated solution offering a full suite of digital payments, helping organisations seamlessly and effectively serve their customers. The acquisition will significantly enhance this by bringing Direct Debit capability in-house, adding innovative mobile payment products and accessing new sectors, such as charities, not-for-profit and events.

Nigel Walters, Managing Director of RSM 2000, said: “I’m incredibly proud of the business we’ve built up over the years, providing innovative digital payments solutions to clients in a diverse range of sectors. The sale to PayPoint Group will take RSM 2000 to the next stage of our growth and provide benefits from the scale, expertise and market leadership that they have built in omni-channel payments and technology over the last 24 years. It has been a pleasure working with the Prism team, they ask the right questions, have challenged us as a business and have ultimately found the perfect home in the PayPoint Group.”

Nick Wiles, Chief Executive Officer of PayPoint plc, said: “Our acquisition of RSM 2000 is the latest step in the acceleration of our strategic delivery, significantly enhancing our digital payments capability and enabling reach into new sectors, such as charities and events. I’m delighted to be welcoming the RSM 2000 team to the PayPoint Group, bringing a wealth of expertise from their 20 years in digital payments.”

Peter Watson, Managing Director of Prism concluded: “We’ve enjoyed working with the whole management team. RSM 2000 is a great business with long standing expertise in payments technology and PayPoint is ideally placed to bring these capabilities to new customers and markets. The current explosion in demand for e-commerce makes the timing ideal and I look forward to seeing their future growth and success.”

*The acquisition is subject to regulatory approvals and, therefore, completion is anticipated to take place in the first quarter of 2021/22 financial year.

Update: on 12 April 2021 this deal was given regulatory approval by the FCA to formally complete.

 

The specialists in buying and selling technology businesses. Prism comprises a team of experienced M&A specialists with years’ of experience working with owners of private technology companies, helping them to buy and sell businesses.

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