Small merchants are struggling to achieve compliance mandates related to the PCI Data Security Standard
Atlanta, GA (Vocus) June 30, 2010
ControlScan, Inc. (controlscan.com), the leading provider of PCI compliance for small merchants, today announced that it closed a $3.5 million Series B Round of funding. The round was led by Harbert Venture Partners, with C&B Capital also participating. Harbert Venture Partners and C&B Capital join Total Technology Ventures, which funded the company’s Series A round. Proceeds from the new funds will be used to advance ControlScan’s technology and infrastructure initiatives and drive sales and marketing efforts.
As part of this investment, Tom Roberts, partner, Harbert Venture Partners, will join ControlScan’s Board of Directors. Roberts serves on the boards of Clarabridge, JackBe and WindChannel Communications. Harbert Venture Partners provides early growth stage capital to technology and healthcare companies in the Mid-Atlantic and Southeastern United States.
ControlScan also announced that Jack McDonnell will join the company’s Board of Directors. Jack currently serves as CEO of Phoenix Managed Networks and was previously CEO of ExaDigm, PayLinx, and TNS, Inc. (NYSE:TNS), which he founded and took public. In addition, McDonnell is a director of DealerTrack (NASDAQ:TRAK) and CyberSource (NASDAQ:CYBS), which was recently acquired by Visa, Inc.
“Small merchants are struggling to achieve compliance mandates related to the PCI Data Security Standard,” said Tom Roberts. “We see a large market opportunity for ControlScan to continue its efforts in partnering with acquiring banks and their independent sales organizations (ISOs) to deliver payment security solutions to small merchants. After tracking ControlScan’s tremendous momentum over the last eighteen months, we are excited to partner with management, TTV and C&B Capital to meet the security needs of merchants, ISOs and acquirers.”
Over the last two years ControlScan’s seasoned management team has achieved substantial momentum working with acquiring banks and ISOs to manage PCI compliance programs for their small merchant portfolios to ensure maximum compliance rates. “We are proud of our progress and are excited to have additional capital and our investors’ support to advance the key initiatives that will further accelerate our growth,” said Joan Herbig, chief executive officer, ControlScan.
About the PCI Compliance Provider, ControlScan:
Headquartered in Atlanta, Georgia, ControlScan is the leading provider of Payment Card Industry (PCI) compliance and security solutions designed exclusively for small- to medium-sized e-commerce and retail merchants. ControlScan provides easy-to-use Web-based security solutions and a personal level of service that make it easy and cost-effective for these businesses to analyze, remediate and validate compliance. ControlScan is the solution of choice for small merchants and acquirers because it offers security solutions that are built specifically with the small merchant in mind, a personal level of service and the best results. Acquirers and other merchant service providers rely on ControlScan to manage PCI compliance programs for their entire merchant portfolios to ensure maximum compliance rates. For more information about ControlScan call 1-800-825-3301 or visit http://www.controlscan.com.
About Harbert Venture Partners:
Harbert Venture Partners provides early growth stage capital to technology and healthcare companies in the Mid-Atlantic and Southeastern United States. The HVP team combines substantial investment, advisory and operating experience with capital to assist entrepreneurs in successfully executing their growth plans. HVP operates from offices in Richmond, VA, Birmingham, AL and Gainesville, FL. For more information on Harbert Venture Partners, visit http://www.harbert.net/venture-capital/ or contact the firm at 804-782-3800.
About Croft & Bender and C&B Capital:
Croft & Bender LLC, based in Atlanta, Georgia, is an investment banking firm focused on providing M&A, private equity and financial advisory services to middle-market and emerging growth companies in the Southeast. The firm also sponsors the C&B Capital private equity funds, with $44 million under management. For more information on Croft & Bender, visit http://www.croft-bender.com or contact the firm at (404) 841-3131.