M&A Moves: These 3 Philadelphia-Area Software Companies Made Acquisition Announcements

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Based in Wayne QuantaVersemaker of an artificial intelligence-based platform that tracks risky financial transactions, has been acquired by the Cleveland-based company AML Right Source, the companies announced this week. Financial details were not disclosed.

The seven-year-old Delaware County company is using data science to automate and improve the identification of financial crimes. In 2017, he rose to prominence when he was featured in a documentary by “The Economist“ where founder and CEO Dave McLaughlin describes how the company combines data science with AI to track and identify shady user transactions. Think money launderers, terrorist financiers, or, as the doc shows, human traffickers. AML stands for Anti Money Laundering.

“Combining our technology solutions with AML RightSource’s global consulting and managed services offerings in an integrated deployment framework will enable customers to improve flexibility, scalability and regulatory compliance,” McLaughlin said in a statement. communicated. “The strategy that has been put in place by AML RightSource will lead to a paradigm shift in the industry.”

Philadelphia Business Journal reports that QuantaVerse has just a dozen employees who will now join AML RightSource’s 2,400 people.

Acquisition Will Accelerate Cleveland Company’s Strategy to Offer More Technology Services to Support Customers, CEO of AML RightSource Frank Ewing said in a statement, as well as providing its customers with a better return on investment by “eliminating noise and unproductive criticism” through its streamlined infrastructure.

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Malvern-based retail payments company Cantaloupe – who changed his name from American technologies earlier this year – just acquired the point-of-sale platform Yoke payments.

More than a decade ago, the company made payment systems that allowed consumers to purchase goods with cards instead of cash. More recently, the company developed an all-in-one platform for retail payment operations with hardware and software solutions. Its software, called Plantoffers real-time analytics, sales and performance updates, and a cloud-based vending machine management system, among other tools.

Its acquisition of Los Angeles-based Yoke will allow companies to expand their micromarket offerings to any location and retailers to further expand their business, the companies said in a statement.

“This integration allows for faster onboarding through a plug-and-play setup that simplifies operations and reduces costs – making Yoke and Seed Markets a highly scalable and cost-effective micro-marketplace solution for small and medium-sized businesses, as well only for corporate clients looking to optimize existing locations”, CEO of Cantaloupe Sean Feney noted.

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And here’s a follow-up to a 2021 acquisition:

Earlier this year, Technically reported that the old town based WebLinc internal e-commerce platform, Workspacewas bought by VTEX, a commerce platform with a native marketplace and order management capabilities. The UK-based company announced the news in February, saying the deal would “strengthen its presence and commitment in the US and Canadian markets”.

On July 21, approximately six months after the acquisition, VTEX went public with a valuation of $3.5 billion on the NYSE. Based in Philadelphia Avery Amayathe vice president of sales for VTEX North America and former Chief Revenue Officer of WebLinc, wrote about the experience on LinkedIn.

“In January of this year, I experienced one of the biggest changes in my career (and adult life) when Workarea/WebLinc was acquired by VTEX,” he wrote. “It certainly wasn’t a bad thing. I already knew the folks at VTEX and was excited and optimistic about this opportunity. Nevertheless, after spending more than a decade working in an incredible organization, it was still a major transition.

After nearly 15 years with the Philly company, the transition has come with the ups and downs of growing a business, he said. Amaya thanked those who have shared time and wisdom over the years, and said he had to be present for the IPO.

“I was blessed to be there not just to witness it, but, with the encouragement of my colleagues at VTEX, to truly participate and be part of this amazing experience,” he wrote. “It’s already been an amazing year and I’m so proud to be part of this wonderful organization.”

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