The merger of two tech firms will result in the creation of a business software company serving the wider fitness and boutique wellness industries.
Integrated payment solutions provider Clearent and Transaction Services Group (TSG), a provider of business management software and integrated payments specialising in the fitness industry, have joined forces to create a new company, Xplor Technologies.
Xplor will integrate software, payments, and commerce-enabling solutions with a cloud-based processing platform targeting five key verticals – health and fitness, boutique wellness, education, field services and personal services.
The new company will also provide a range of commerce-enabling solutions, such as CRM and loyalty programme applications, online learning and training software, consumer engagement mobile apps, employee service delivery mobile apps, and billing and account management services.
Both companies are portfolio companies of private equity giant Advent.
At launch, Xplor will have a client base of more than 82,000 businesses operating across 158 countries, which processed US$27bn in payments in 2020.
TSG has developed into a specialised in revenue management solutions and focuses on the health and fitness sectors in Australasia, North America, the UK, Europe and Asia.
It has, in recent years, acquired a number of companies in the fitness sector. In 2019 it took over active leisure software and services provider Legend Club Management Systems from Sean Maguire, followed by a deal to buy TrueCoach
– a software company specialising in the personal trainer (PT) sector – in 2020.
Floris de Kort, CEO of TSG, said: “This is a highly complementary combination of applications and platforms that are well-positioned to empower businesses that operate in ‘everyday life’ verticals, which are growing rapidly, because they are so important to consumers around the world.
“This transaction will enable us to better leverage the advantages of our global breadth with our hyper-local expertise. We will invest in and commercialise our product innovations more effectively, such as our suite of mobile apps, so that we can continue to help our clients eliminate friction and deliver better experiences to their consumers and small businesses."