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M&A Activity Continues With Augeo Unit Sale

St. Paul, MN-based Augeo announced that it has completed the sale of its financial institution (FI) loyalty business unit to investment funds affiliated with Lightyear Capital LLC, a New York-based private equity firm investing in financial services companies. Terms of the September 25th transaction were not disclosed. “The sale of this business unit, which represents approximately one-third of our overall business, marks a first for Augeo, as we have been hyper-focused on growth and strategic acquisitions for many years,” says Augeo CEO David Kristal. “In 2012, we acquired the first of two companies in the financial institution loyalty sector. Since then we have invested heavily in technology and operations, more than tripling the acquired revenue, and establishing a leadership position in the space.” Mike Knoop, who has led the FI business since 2015, will become the CEO of Augeo FI as part of this transition. “We are excited about the expansion opportunities for Augeo FI, especially as credit and debit card transaction volume and rewards card usage continue to rise,” notes Mark F. Vassallo, Managing Partner of Lightyear. “The business already has significant momentum, and we look forward to working with the Augeo FI management team to invest in and grow their business.” For more information, go to www.augeomarketing.com.

 

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