Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, MO announced today the divestures of ControlScan and EchoSat, to separate strategic acquirers. ControlScan, a market leading provider of PCI security compliance solutions to processors, payment facilitators and other parties was sold to Sysnet, an FTV/True Wind Capital portfolio company. Raymond James served as financial advisor, and Sidley Austin LLP served as legal advisor to ControlScan. Bobby Wolfe advised Thompson Street Capital Partners. Terms of the transactions were not disclosed.
Separately, EchoSat a leading provider of petroleum, grocery and QSR payment and managed security solutions was sold to PDI Software, an Insight/TA Associates portfolio company.
Tom Wimsett, Executive Chairman of ControlScan Holdings, Inc., stated, “Working alongside Thompson Street and Mark Carl, the CEO of ControlScan Holdings, Inc., we built a tremendous business which provided both payment compliance and security solutions to a marketplace of more than 1,000,000 merchants. This divestiture allows for these efforts to continue, and the combination of ControlScan and Sysnet brings together two market leading solution providers in the payments compliance space.”
Mark Carl, CEO of ControlScan Holdings, Inc., who will lead managed security efforts at PDI, said “This exit allows for both EchoSat and ControlScan to continue their customer-centric focus in serving their respective markets. We are excited that EchoSat will continue providing best-in-class managed security solutions to both its direct customers as well as offering a continuing relationship with Sysnet’s incredibly strong payments compliance customer base. Likewise, Sysnet will continue to be able to offer its customers a compelling managed security solution.”
Brian Kornmann, TSCP Managing Director, added, “Our investment in ControlScan and EchoSat was a successful one for TSCP. Thanks to Tom Wimsett and Mark Carl’s leadership, the combined Company provided its customers with both leading payments compliance and managed security solutions. This exit will continue these efforts with both businesses focusing on growing in their core markets under the stewardship of PDI and Sysnet.”