Acquisition brings together top independent software vendors in the dry cleaning industry
Clearent Software Holdings, a wholly owned subsidiary of St. Louis based payments solutions provider Clearent, announced it has completed the purchase of Falmouth, Maine based Compassmax, developer of comprehensive dry cleaning point of sale software. The deal marks Clearent’s second acquisition in the dry cleaning space, following the company’s purchase of Draper, Utah based SPOT Business Systems earlier this year.
Founded in 1986, Compassmax provides software design, installation and technical support for the dry cleaning industry. The company specializes in creating innovative and customized software solutions for its customers, allowing them to focus on maximizing profitability and efficiency in their businesses.
“With Compassmax, we saw an opportunity to bring together two software leaders in the dry cleaning industry,” said Dan Geraty, CEO of Clearent. “Compassmax and SPOT have the knowledge, experience and technical expertise to ensure customer needs are exceeded in the complex and competitive world of dry cleaning. We couldn’t ask for a better fit.”
Compassmax joins SPOT Business Systems as a company under Clearent Software Holdings. Clearent plans to combine the companies’ operations over time, focusing all software development and innovation on the SPOT platform. The combined company, which will retain the SPOT name, will continue to fully support the Compassmax software solution with ongoing service, maintenance and technical support as customers are transitioned to the SPOT platform.
“Merging these companies will allow SPOT and Compassmax to leverage combined thinking, capabilities and development spending as a combined company, rather than duplicate efforts as competitors,” said Geraty. “At Clearent, we are committed to ensuring a smooth transition to the newly combined SPOT for customers and employees alike.”
Preliminary transition plans for customers include the creation of software demonstrations and education sessions for current Compassmax customers to learn about SPOT software features and services, as well as increased customer service hours to respond to customer inquiries. Dedicated teams will work with each customer to ensure a smooth transition process. The Compassmax platform will stay in place, with a full host of technical support and maintenance services throughout the transition process.
The combined company will operate as SPOT, with headquarters in Draper, Utah. Compassmax’s Falmouth, Maine, offices will remain open and Clearent has committed to retaining all Compassmax employees. Both SPOT and Compassmax employees will assist in the transition to the SPOT platform, including the areas of installation and other customer support activities. In addition, Compassmax developers will shift their focus to maximizing the SPOT platform and developing continued innovations and enhancements to the software.
Clearent, which recently was acquired by global private equity investor Advent International and merged with field services software company FieldEdge, remains focused on growth through acquisition in the personal service software as a service (SaaS) space. The company is seeking additional acquisitions for its current vertical markets (field services and dry cleaning) as well as acquisitions in new vertical markets.
Clearent is committed to leveraging its technology expertise and payment processing leadership and best practices to create synergies and invest in technology and development for acquired companies, while allowing them to preserve their corporate culture by allowing them to run as stand alone businesses as subsidiaries in the Clearent Software Holdings family of companies.