TrustCommerce Announces Partnership with Waud Capital Partners

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Investment provides access to capital and resources to advance products and services more rapidly and further penetrate strategic markets.


“We are thrilled to partner with Waud Capital and are excited to accelerate our presence throughout both the markets we serve and beyond,” said Rob Caulfield, Chief Executive Officer of TrustCommerce.

TrustCommerce®, an innovator and leading provider of secure payments software and risk management solutions, today announced a strategic partnership with Waud Capital Partners, a growth-oriented middle-market private equity firm based in Chicago. Waud Capital and Andrew Rueff, an Operating Partner at Waud Capital, formed Sphere Payments LLC to facilitate the investment in TrustCommerce. Andrew Rueff, a seasoned executive with more than 20 years of payments technology experience, will serve as Executive Chairman of Sphere Payments.

The new partnership with Waud Capital Partners will accelerate the growth of TrustCommerce by infusing capital in order to enhance the current technology platform and advance products and services more rapidly. In addition, the partnership will facilitate access to new markets and widen penetration into the healthcare space. This will further solidify the Company’s position as an industry leader.

TrustCommerce serves more than 300 healthcare clients and processes over $20 billion annually. In addition to healthcare, TrustCommerce provides services to the nation’s largest insurance companies, municipalities, parking and transit organizations, and Fortune 500 companies.

“For more than 17 years, TrustCommerce has achieved significant growth, innovation, and excellence in payments security software and technology,” said Rob Caulfield, Chief Executive Officer of TrustCommerce. “We are thrilled to partner with Waud Capital and are excited to accelerate our presence throughout both the markets we serve, and beyond.”

“TrustCommerce has long been at the forefront of two of the most important trends in payments technology: integrating payments capabilities within mission-critical enterprise software, and providing security and compliance technology necessary to protect all constituents in the payments value chain." said Mr. Rueff, Operating Partner at Waud Capital. "The management team of TrustCommerce has established a strong technology platform with deep vertical market expertise in healthcare and other attractive market segments. This partnership provides TrustCommerce with additional capital and operating experience to extend its product capabilities, expand its relationships with clients and enterprise software providers, and accelerate the growth of the company."

Rob Caulfield, Chief Executive Officer, and the management team will remain with the company, which will maintain its location in California as well as satellite offices.

SunTrust Robinson Humphrey served as exclusive financial advisor to TrustCommerce in the transaction.


About TrustCommerce
A veteran and innovator in the industry, TrustCommerce offers a comprehensive suite of payment solutions with a focus on security, data protection, and risk mitigation. Featuring PCI Validated Point-to-Point Encryption (P2PE), tokenization, EMV, and hosted payment pages, TrustCommerce solutions assist partners and clients with reducing the cost and complexity of PCI DSS compliance. Whether accepting payments in a card-present or card-not-present environment, TrustCommerce solutions protect transactions and reduce risk. TrustCommerce is a U.S.-based company with all design and development done onshore. To learn more about TrustCommerce, and its full breadth of products and solutions, visit

About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $2.1 billion since its founding in 1993. Waud Capital partners with exceptional management teams to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 210 investments, including platform companies and follow-on opportunities. For additional information on Waud Capital, visit

Melody Hendricks, TrustCommerce
949.387.3747 ext. 887

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