Muncie-based Ontario Systems has acquired Illinois-based electronic payment processor SwervePay. Financial terms were not disclosed, however the software company says the deal will boost its efforts to evolve into a Software-as-a-Service platform.
Ontario Systems provides software that “automates complex workflows and accelerates revenue recovery for clients in the healthcare, government, and accounts receivable management markets.” The company says the addition of SwervePay will allow it to unify payment processing for its customers.
“The acquisition of SwervePay is our first step toward aggressively transforming legacy on-premise software solutions into an end-to-end SaaS solution to automate revenue recovery processes and drive consumer payments,” said Tim O’Brien, chief executive officer of Ontario Systems. “Looking ahead, we’re positioned to develop new products with greater speed, gain network insights, and further connect to the evolving ecosystem around us.”
As a result of the acquisition, former SwervePay CEO Jaeme Adams has been named vice president of payments at Ontario Systems.
The acquisition is the company’s first since it was acquired by New York-based investment firm New Mountain Capital in 2019.