Livingbridge has completed a £9.9m investment in CR7 Services Limited (“CR7”), supporting its Management team to acquire One Two Three Send Limited (“123Send”).
CR7 was formed in 2013 by Simon Wilding, an experienced executive in the field of card payment processing. Wilding was formerly CEO and Founder of Commidea, a UK leader in the industry which was sold in 2009 to Point International, an international business based in Sweden. Commidea and Point were leading players in Europe in providing systems to support the card payment processing for merchants and the link to acquiring banks. Both businesses also provided and managed large estates of point of sale card payment terminals to merchants.
Wilding, who has already assembled a strong and experienced senior executive team from within the industry, has formed CR7 to build a new business in the field of card payment processing.
The first step in the growth plan for CR7 was the acquisition of 123Send. 123Send, based in London, is privately owned and is a major UK provider of point of sale terminals and services. Its key focus is providing point of sale terminals that operate using mobile/GPRS for merchants requiring a wireless, remote or mobile facility. It manages an estate of more than 15,000 terminals at over 11,000 merchants with a fully managed service that includes terminal logistics, integration support and customer help desk.
The management team of 123Send will all remain with the business which will be run as an independent operation with investment and support to grow from CR7.
Simon Wilding, CEO of CR7 comments: “123Send is a robust business with a loyal customer base. CR7 Services will add a new dimension to 123Send’s proposition and will enable it to continue delivering solid growth through enhanced value delivery and excellent customer service. To bring 123Send into the CR7 Services family is tremendously exciting as a first step in our UK strategy, as is our relationship with Livingbridge who have been an absolute pleasure to work with. We look forward to growing the group together at pace over the coming years.”
Andrew Garside, Partner, Livingbridge comments: “We first met Simon Wilding in 2009 and really appreciated what he had built at Commidea in the UK. We were delighted to meet up again to support the CR7 plans to build a new business in the fast moving world of payment processing. 123Send is a well-established business that gives CR7 an initial UK terminal estate and team to build from.”