RealTime IT News

E-Commerce Exchange Wins $30M Equity Investment

Internet payment service provider E-Commerce Exchange (ECX) said that Summit Partners, a private equity and venture capital investment firm, has made a $30 million equity investment in the company.

This is the first outside investment in E-Commerce Exchange, which said it has been profitable since day one. Summit has previously invested in companies such as McAfee/Network Associates, E-Tek Dynamics and CMGI.

"Summit Partners brings us a wealth of management expertise, numerous strategic relationships and a proven track record of success in helping fast-growing companies like ours achieve their full potential," said Darrin Ginsberg, CEO of ECX.

E-Commerce Exchange, established in the co-founders' garage in 1989, now has more than a dozen sales offices and more than 200 employees. ECX offers its services primarily to Internet-based merchants, including small and home-based businesses, business owners with limited credit, and others considered non-conventional and therefore high-risk by banks.

ECX allows merchants to accept credit cards through its QuickCommerce secure payment gateway. ECX also offers merchant credit card accounts, secure online processing, online shopping carts, electronic check and check guarantee processing, credit card equipment, software and leasing.