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.

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