Financial Information Technologies, LLC (Fintech), business solutions provider for the beverage alcohol industry has acquired STX Business Solutions.
Through this addition, Fintech will continue to fuel the growth of its data capabilities and further strengthens its position in the beverage alcohol industry.
The STX acquisition, which closed on June 30, marks the fourth purchase since Fintech was acquired by TA Associates in August 2018. While financial terms were not disclosed, STX Business Solutions’ team will integrate with Fintech and all employees will continue day-to-day operations as the partnership develops further.
Fintech provides invoicing, electronic payment, CRM, data and analytics solutions to beverage alcohol retailers, distributors and suppliers. The company services over 150,000 retailers, 4,000 distributors and 300 suppliers and processes over $38bn in invoices annually.
Founded by Jon Thompson and Amber Muehlbach in October 2017, STX is a cloud-based software platform which consolidates millions of information points into Microsoft’s business intelligence package, called Power BI. Users can import raw data and create reports and dashboards by using its drag-and-drop functionality. STX markets the product to vendors — primarily in the adult beverage category — to help them better manage their sales data with large retailers.
Through this scalable platform, STX users access up-to-date trend analysis, allowing alcohol suppliers, distributors, and retailers to track product success and performance.
Commenting on the new deal, Thompson said, “STX was built from a desire to provide support and insight to businesses within the complex alcohol industry, and partnering with Fintech allows us to expand our reach.”
Muehlbach added that, “By blending STX’s powerful BI tools with Fintech’s industry-leading data platform, we will have the ability to seamlessly expand our offerings across the three-tier system, making operating within the alcohol industry easier while driving higher returns for our clients.”
Echoing a similar sentiment, Fintech CEO Tad Phelps said, “We are excited to add the STX team and their years of retail and data experience to continue to grow Fintech’s position as the preeminent supplier of data and technology to the alcohol industry. The STX product suite will strengthen our industry-leading offerings in the beverage alcohol marketplace.”
Copyright © 2021 FinTech Global
