WALNUT CREEK, CA - YapStone, Inc., the leading provider of Electronic Payments as a Service (ePaaS) for property management and other vertical markets, today announced it has signed a definitive agreement to acquire the assets of its largest competitor, PropertyBridge, Inc. PropertyBridge is a subsidiary of MoneyGram International. The financial terms of the transaction were not disclosed.
YapStone and PropertyBridge process the highest payment card volume in the multifamily industry, and are the only two fully-compliant companies exclusively focused on payment solutions for this sector. The acquisition brings together the two leading companies in the property management ePaaS sector. The combined organization will serve the electronic payment needs of approximately 50 percent of the National Multi Housing Council Top 50 U.S. Apartment Managers and will process more than $5 billion in e-payments. Joining forces enables the two companies to leverage their shared expertise to continue to provide innovative and cost effective payment solutions to the market.
“PropertyBridge has been a formidable competitor to YapStone for several years, and we have always admired its reputation for quality and customer care,” said Matt Golis, CEO and Co-Founder of YapStone. “We look forward to leveraging the respective strengths of both organizations to deliver the high level of customer service that PropertyBridge customers have come to expect. In addition, PropertyBridge’s customers will gain YapStone’s proprietary technology pertaining to unified reporting and bank reconciliation as well as newer, innovative services including our RentByText ™ and mobile payment products.
“It has been a very busy and rewarding few months at YapStone,” said Tom Villante, Chairman and Co-Founder of YapStone. “We completed our $50 million growth capital raise in June led by Accel Partners, launched our integrated payment solution for HomeAway/VRBO, developed the soon-to-launch RentPayment NOW! ™ product geared toward small to mid-sized landlords, launched YapStone Europe, and have continued to experience rapid organic growth across all of our vertical markets. When PropertyBridge came to market, we could not pass up this high quality asset. We are excited to welcome PropertyBridge’s customers to the YapStone family and are eager to work with them, continuing to improve our best-of-breed product.”
According to Greg Waltz, Vice President and General Manager of Bill Payment at MoneyGram, “selling PropertyBridge allows MoneyGram to focus on its core business, while at the same time provides PropertyBridge’s customers with the benefit of enhanced and uninterrupted services.” “We appreciate the focus and dedication of our employees in building the business and now their support during this period of transition,” said Waltz.
The transaction is anticipated to close in late September 2011, subject to customary closing conditions.
YapStone, Inc. is the largest Electronic Payments-as-a-Service (ePaaS) provider focused in property management and several other bill payment industries. YapStone's payment service processes billions of dollars annually, with an on-demand platform that offers Web-based and mobile technology to its clients. YapStone's technology includes a unified, real-time reporting platform for check conversion, credit/debit card processing, and electronic check processing.
PropertyBridge is a multifamily payment specialist and leading electronic payments processor for property managers and owners in the rental housing industry. The PropertyBridge Payments Platform enables residents to pay rent and other lease-related transactions using multiple payment types, including credit and debit cards, Automated Clearing House (ACH), check scanning (Check 21) and cash payments at 35,000 MoneyGram agent locations.