Fintech Expands Retail Product Portfolio and Strengthens Position in Beverage Alcohol Market Through Asset Acquisition of iControl

This acquisition broadens the adoption of Fintech’s flagship product, PaymentSource®, and expands the Company’s retail product portfolio.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, March 13, 2024
Information
Tags: 
Software, Supply Chain Management, Mobile, Wireless, Internet, Professional Services, Wine & Spirits, Fintech, Data Management, Payments, Technology, Food, Beverage, Retail, UPC, POS, EDI, Priority seat, Universal Product Code, Sale, Acquisition, Information, Financial services
Geotags: 
UNITED STATES, NORTH AMERICA, FLORIDA
Summary
Key Points: 
  • This acquisition broadens the adoption of Fintech’s flagship product, PaymentSource®, and expands the Company’s retail product portfolio.
  • With this acquisition, Fintech now serves over 240,000 alcohol-licensed hospitality and retail establishments through PaymentSource for alcohol invoice payment automation and data integration.
  • This represents over 1,100,000 business-to-business connections that depend on Fintech for seamless payment submission and collection technology associated with alcohol deliveries.
  • This acquisition also added to Fintech’s product portfolio, serving retailers and suppliers outside of alcohol, with scan-based trading software.


Financial Information Technologies, LLC (“Fintech”), the leading business solutions provider for the beverage alcohol industry, today announced its asset acquisition of iControl Systems USA, LLC, a third-party technology solution offering alcohol invoice payments and scan-based trading. This acquisition broadens the adoption of Fintech’s flagship product, PaymentSource®, and expands the Company’s retail product portfolio.

With this acquisition, Fintech now serves over 240,000 alcohol-licensed hospitality and retail establishments through PaymentSource for alcohol invoice payment automation and data integration. This represents over 1,100,000 business-to-business connections that depend on Fintech for seamless payment submission and collection technology associated with alcohol deliveries.

This acquisition also added to Fintech’s product portfolio, serving retailers and suppliers outside of alcohol, with scan-based trading software. This well-established and proven product empowers retailers to materially reduce inventory holding costs, strengthen operational cash flow, gain insight into inventory movement down to the Universal Product Code (UPC), optimize labor efficiency, and achieve significant cost savings beyond the alcohol category. Their supplier partners benefit by using retailer point-of-sale (POS) data to save time, simplify inventory management, and ensure more effective ordering. With visibility into customer location-level sales, suppliers can reduce out-of-stock items and boost revenue. Invoicing upon scanned purchase minimizes discrepancies, improves timely payments, and expedites reconciliation. Fintech’s data capabilities also eliminate the need for managing multiple electronic data interchange (EDI) formats and simplify transactions for non-EDI-capable suppliers.

“Our dedication remains steadfast in providing excellence in the products and support we extend to our clients, enabling them to successfully manage and grow their businesses,” stated Tad Phelps, Chief Executive Officer for Fintech. “This acquisition serves as another testament towards our commitment to expand Fintech’s solutions portfolio for the retail and hospitality industries and supplier partners.”

“We are excited to join forces with Fintech. After thorough consideration and assessment, it became evident that aligning with Fintech was the optimal choice,” remarked Matt Gutermuth, CEO of iControl. “Ultimately, we are confident that uniting these two companies will prove advantageous for both clients and employees.”

The iControl assets acquisition closed in December 2023, and marks Fintech’s fifth M&A transaction since 2019 as the company continues to focus on expanding its technology product offerings for clients.

About Fintech

Fintech, a pioneering business solutions provider, has dedicated nearly 35 years to serving the beverage alcohol industry. Backed by leading investors TA Associates and General Atlantic, it stands as a leader in this sector. The flagship product, PaymentSource®, is utilized by over 240,000 retail and hospitality businesses, along with more than 5,000 alcohol distributors and suppliers nationwide. This proven platform automates alcohol invoice payment, streamlines payment collection, and facilitates comprehensive data capture for over 1.1 million B2B business relationships. In 2024, Fintech expanded PaymentSource capabilities to encompass all B2B purchases, not just alcohol, offering a one-source solution for invoice management. Recognizing operational hurdles, it added inventory management through scan-based trading and enhanced CRM tool functionality to fortify supplier and distributor field execution, addressing diverse profit center challenges. For more information about Fintech and its range of solutions, please visit www.fintech.com.

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