UPCOMING EVENTS
Unisys payment systems operating unit acquired by private-equity firm Marlin Equity Partners
02/05/2010
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Unisys payment systems operating unit acquired by private-equity firm Marlin Equity Partners
Industry leader returns to corporate name used for more than 100 years as it becomes Burroughs Payment Systems, Inc.
PLYMOUTH, Mich. – The payment systems operating unit of Unisys Corporation (NYSE: UIS) has been sold to private-equity firm Marlin Equity Partners and, effective today, is now
Burroughs Payments Systems, Inc. Corporate headquarters, previously at Unisys headquarters in Blue Bell, Penn., now will be located in the company’s existing office location in Plymouth, Mich.
Marlin Equity Partners has acquired the check and cash automaion equipment and related U.S. maintenance, printer and direct supply business of Unisys Corporation and subsequently formed a new company, Burroughs Payment Systems, Inc. Burroughs is a leading provider of hardware and related services that address the image capture and payment processing needs of financial institutions, remittance processors, and retailers worldwide. The company’s products and services allow customers to process check and cash payments quickly and securely while reducing operating costs and improving efficiencies related to payment processing.
“Burroughs is a market leader in the payment processing industry with a brand that has been recognized for more than 100 years,” said Andy Martinez, Principal at Marlin. “Marlin will enable Burroughs to pursue an aggressive growth strategy leveraging the company’s brand, cutting-edge technology and experienced management team.”
“We are very excited to partner with Marlin and return to the Burroughs’ name, once considered one of the most recognized and highly regarded names in business,” said Alan Howard, President of Burroughs. “Marlin’s financial and operational expertise combined with our industry-leading products and focus on customer service will enable us to capitalize on opportunities to further enhance customer satisfaction and increase market share.”
Mike Zawalski, Operating Partner at Marlin stated, “Marlin is committed to providing the financial and strategic resources and oversight to accelerate growth. We look forward to working with the Burroughs’ management team to build long-term value by growing the Company organically and by making near-term acquisitions.” The transaction price was not disclosed.
About Marlin Equity Partners
Marlin Equity Partners is a Los Angeles, Calif.-based private investment firm with more than
$1 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs in special situations. Marlin invests in businesses across multiple industries that are in the process of undergoing varying degrees of operational, financial or market-driven change where its capital base, industry relationships and extensive network of operational resources significantly strengthens a company's outlook and enhances value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed more than 30 acquisitions. For more information, please visit www.marlinequity.com.
About Burroughs Payment Systems
Burroughs is a Plymouth, MI-based global provider of document and payment processing image technology, cash automation solutions and services. The company’s products provide businesses with safe, secure and prompt document and cash processing which improves operational efficiencies and payment security. With more than 100 years of history, Burroughs is recognized as the industry leader in image processing technology from web-enabled branch and merchant capture devices to high-speed reader/sorters in some of the largest payment processing centers worldwide. For more information, please visit www.burroughs.com.
OBSERVATIONS
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