by STAMFORD, Conn. Consumer financing company Synchrony (NYSE: SYF), announced Wednesday that it has acquired Versatile Credit, a consumer-financing software provider connecting merchants, lenders, and consumers through point-of-sale solutions.
“As a trusted partner to some of the country’s most respected brands, as well as hundreds of thousands of small- and mid-sized businesses and health & wellness providers, Synchrony is committed to bringing innovative technology and capabilities to help them grow,” said Maran Nalluswami, Executive Vice President, Chief Strategy and Business Development Officer, at Synchrony. “Versatile’s platform sits at the forefront of consumer financing, ultimately driving more sales for merchants and expanded access to credit for consumers.”
The company said that Versatile’s multi-source financing platform “empowers its partners by delivering increased access to credit in a seamless manner.”
“As a proud Synchrony partner for more than 15 years, we know they share our goal of providing shoppers across the spectrum with multiple opportunities to access credit,” said Ed O’Donnell, chief executive officer of Versatile Credit. “We empower our partners with solutions to drive sales and growth while streamlining the user experience. Joining Synchrony will enable us to bring our platform to more merchants and consumers.”
With deep capabilities across the furniture, home improvement, automotive, jewelry, and elective medical industries, Versatile connects the customers of merchants and healthcare providers with a set of lending products across multiple prime, secondary, and tertiary lenders. Additionally, Versatile’s detailed reporting capabilities and back-end integration with merchant systems are expected to enable Synchrony to bring new capabilities to meet the changing demands of its merchant and provider partners.
Synchrony intends to maintain Versatile’s business strategy, management structure, and data integrity, serving numerous other lenders as well as their merchants and providers. Versatile will collaborate with Synchrony to accelerate the technology roadmap for consumer financing solutions. The acquisition is expected to be immaterial to the Company’s earnings per share.
BofA Securities, Inc. acted as financial advisor to Synchrony in connection with the transaction and Mayer Brown LLP served as legal advisor. Shea & Company, LLC served as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Versatile Credit.
