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HighBank advises Processing.com on its recapitalization led by LaSalle Capital

June 23, 2016
HighBank Advisors (“HighBank”), a Baltimore, Maryland based middle market investment bank, announces that it advised CardConcepts LLC d.b.a. Processing.com (“Processing.com” or the “Company”) on its recapitalization led by LaSalle Capital. Terms of the transaction were not disclosed.
 
Processing.com, based in Los Angeles, California, is a leading payment services provider (“PSP”) focused on providing e-commerce merchants payment processing solutions and services that allow for the acceptance of online payments in multiple currencies around the globe. Processing.com connects its customers through the Company’s proprietary payment processing platform to an extensive network of bank partners. In addition, the Company deploys industry-leading security and fraud analytics as well as real-time reporting tools. Jon Avganim and Avi Chesed, Co-Founders of Processing.com, will remain as owners and senior executives of the Company.
 
Cottingham Consulting Inc., the Company’s largest Independent Sales Organization (“ISO”), was also acquired as part of the transaction. James Bergman, Chief Sales and Marketing Officer for Processing.com and CEO of Cottingham Consulting, will remain a senior executive of the Company. 
 
Avi Chesed, CEO of Processing.com, stated, “We are very excited to partner with LaSalle Capital in the next stage of growth of our business. We believe that LaSalle’s expertise in helping to build technology-enabled services companies coupled with our existing strategy will enable the Company to expand its global footprint and accelerate growth.” Jon Avganim, President of Processing.com, continued, “We are excited about what the partnership with LaSalle means for our customers as it will allow us to further invest in our technology-driven solutions for merchants, ISOs and acquiring banks.”
 
“HighBank ran an incredible process and provided insight, advice and counsel throughout the process,” added Chesed. “The entire team went above and beyond our expectations and enabled us to find the right partner for our continued growth.”
 
Cherie Homa, Managing Director at HighBank, stated, “Jon, Avi and James built an impressive company that was experiencing substantial growth in the international ecommerce payments industry. Partnering with LaSalle will enable the company to expand its payment solutions and global footprint which will take the company to the next level.”
 
Venable LLP served as legal advisor to Processing.com. McDermott, Will & Emery served as legal advisor to LaSalle Capital.
 
About Processing.com
 
Processing.com is a leading payment services provider (“PSP”) focused on providing e-commerce merchants payment processing solutions and services that allow for the acceptance of online payments in multiple currencies around the globe. Processing.com is headquartered out of Sherman Oaks, California and operates a support office in Sofia, Bulgaria. For more information visit www.processing.com
 
About LaSalle Capital 
 
LaSalle is a Chicago-based private equity firm with over $330 million of assets under management that focuses on controlling investments in lower middle market companies across the United States. For more information visit www.lasallecapital.com.
 
About HighBank Advisors LLC
 
HighBank is a full service mid-market investment bank and financial advisory firm. Headquartered in Baltimore, Maryland with regional offices in Philadelphia, Pennsylvania and Raleigh, North Carolina, the firm provides advice on mergers and acquisitions, raising capital, exit and transaction planning, business valuations, fairness and capital adequacy opinions, loan workouts and debt restructurings, and distressed asset sales. HighBank was formed on a mission that our clients and our people deserve to have their highest expectations met and to receive higher value for their investments of money and time.  For more information visit www.highbankadvisors.com.
 
All investment banking services are provided by HighBank Securities LLC (“HBS”), a registered broker-dealer and member of FINRA and SIPC. HBS is a wholly-owned subsidiary of HighBank Advisors.