SAN FRANCISCO — PayRange Inc., which provides mobile payment solutions for unattended retail that includes laundromats, recently received a “strategic growth investment” from a new growth-oriented technology private equity firm.
Ridgeview Partners, in partnership with The Baupost Group, a Boston-based investment management firm, agreed to make the investment in PayRange. Paresh Patel, PayRange’s founder and CEO, continues to lead the company and retains a significant ownership position.
PayRange will leverage Ridgeview’s investment and operational resources to capture a substantial global unattended retail opportunity, it says.
“We’ve grown PayRange into a leader in unattended retail with an end-to-end suite of products used by over 10,000 customers and are excited to accelerate our strong momentum with capital, operational, and strategic support from Ridgeview Partners,” says Patel. “Ridgeview's investment is a testament to what we’ve built and will enable us to drive continued innovation to better serve our customers as we enter this new phase of growth.”
“We are thrilled to partner with Paresh and his team on their mission to connect millions of machines around the world,” says Mike Hulslander, co-founder of Ridgeview.
“Paresh and the PayRange team are proven innovators that have built a leading platform with unique technology that is well-positioned to expand into new and attractive markets,” adds Hilton Romanski, who co-founded Ridgeview with Hulslander. “We look forward to partnering with the team to realize PayRange’s full potential.”
PayRange marks Ridgeview Partners’ first investment since the firm’s founding earlier this year. Hulslander has nearly 15 years of technology private equity experience, while Romanski has nearly 30 years of experience across operations, corporate investing and private equity. Collectively, the two have executed over 85 transactions worth nearly $50 billion.
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