Edison Partners announced on July 18th their exit from TIO Networks following its acquisition by PayPal for $233 million. This is the third exit for Edison’s portfolio via a major public strategic buyer in ten months. This is occurring during an 18th month period when overall corporate acquisitions have declined.
TIO Networks, a bill payment processing and receivables management provider, acquired Softgate Systems, an Edison portfolio company, in April 2016, at which time Edison Partners General Partner Joe Allegra joined TIO Networks’ board of directors.
Hamed Shahbazi, TIO Networks CEO, spoke about the exit in a press release, commenting that, “We value the strategic insights we received from Joe and the Edison team since the acquisition of Softgate Systems. We are proud of how far the company has come and are thrilled to join forces with PayPal.”
TIO Networks remains under Hamed Shahbazi’s leadership, and functions as a separate service under PayPal.
Edison Partners works with marketing, enterprise, financial, and healthcare technology companies create value and accelerate growth through their holistic approach, growth capital, and their Edison Edge platform.
Other notable companies Edison Partners financed within the financial technology sector include Princeton Financial, OptionsCity, Liberty Tax, GAIN Capital, FolioDynamix, and Edgetrade.
