Mergers & Acquisitions: These 3 Philly Area Software Companies Make Acquisition Announcements

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Based in Wayne QuantaVerse, maker of an artificial intelligence-based platform that tracks risky financial transactions, was acquired by the Cleveland-based company AML RightSource, the companies announced this week. Financial details were not disclosed.

The seven-year-old Delaware County company uses data science to automate and improve the identification of financial crimes. In 2017, it rose to prominence when it 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 management service offerings in an integrated deployment framework will enable customers to improve flexibility, scalability and regulatory compliance,” McLaughlin said in a statement. “The strategy implemented by AML RightSource will lead to a paradigm shift in the industry.

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

This acquisition will allow the Cleveland-based company to accelerate its strategy to offer more technology services to support its 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 reviews” with its streamlined infrastructure.

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

Over a decade ago, the company was making payment systems that allowed consumers to purchase products with cards rather than cash. More recently, the company has developed an all-in-one platform for retail payment transactions with hardware and software solutions. Its software, called Seed, offers real-time analytics, sales and performance updates, and a cloud-based sales management system, among other tools.

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

“This integration enables faster integration through a plug-and-play configuration that simplifies operations and reduces costs, making Yoke and Seed Markets a highly scalable and cost-effective micro-market solution for small and medium-sized businesses, as well. only for client companies looking to optimize existing locations ”, said the CEO of Cantaloup Sean Feeney noted.

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And here is the result of an acquisition in 2021:

Earlier this year, Technically reported that the old town WebLinc’s internal e-commerce platform, Workspace, was purchased by VTEX, a business platform with native order and market management capabilities. The UK-based company broke the news in February, saying the deal “would strengthen its presence and engagement in the US and Canadian markets.”

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

“In January of this year, I experienced one of the most significant changes in my career (and my adult life) when Workarea / WebLinc was acquired by VTEX”, he wrote. “It certainly wasn’t a bad thing. I already knew the people at VTEX and was excited and optimistic about the opportunity. Nonetheless, after spending over 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 their time and wisdom over the years and said he was able to be present for the IPO.

“I was fortunate to be there not only to witness it, but, thanks to the encouragement of my colleagues at VTEX, to really participate and be a part of this amazing experience,” he wrote. “It has already been an amazing year and I am so proud to be a part of this wonderful organization. “

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