Payment security network TrustCommerce has formed a strategic partnership with private equity firm Wuad Capital Partners.
To facilitate the deal, Waud Capital and seasoned executive with 20 years in the payments technology sector Andrew Rueff formed Sphere Payments. Rueff will serve as the executive chairman of Sphere Payments, to guide it in its next stage of growth.
Founded in 2000, TrustCommerce is a payment solution which offers security, data protection and risk mitigation. The company offers a range of payment acceptance solutions offerings including retail/POS, e-commerce, MO/TO, mobile, omnichannel and reporting.
The company has Point-to-Point Encryption, tokenisation, EMV and hosted payment pages to help clients reduce cost and simplify PCI DSS compliance.
Through the partnership, TrustCommerce will gain additional capital and operating experience to help develop its product capabilities, accelerate company growth and expand relationships with clients and enterprise software providers. The capital will also help the company access new markets and gain a wider market penetration.
Sphere Payments executive chairman Andrew Rueff said. “TrustCommerce has long been at the forefront of two of the most important trends in payments technology: integrating payments capabilities within mission-critical enterprise software, and providing security and compliance technology necessary to protect all constituents in the payments value chain.”
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