SALT LAKE CITY--(BUSINESS WIRE)--LLR Partners today announced the closing of a $30 million minority growth equity investment in Midigator. Midigator provides an industry-leading, fully-automated software platform to prevent, analyze and manage payment card chargebacks, thereby increasing merchant revenue and lowering costs. Key features of the platform include automated chargeback prevention alerts, intelligent chargeback representments with industry leading win-rates and real-time data analytics and reporting.
“Merchants, small and large, are struggling to keep pace with the rapid growth of fraud and payment card chargebacks. Midigator’s fully-automated software platform is uniquely positioned to help processors, acquiring banks, ISOs and merchants prevent and manage chargebacks,” said Corey Baggett, Founder & CEO of Midigator. “We are excited to welcome LLR as a strategic investor in our company – their deep payments experience and relationships across the financial services and technology ecosystems should help accelerate our next stage growth. This partnership is another step towards our goal of becoming the global standard for chargeback management and fraud mitigation."
LLR is partnering with the existing Midigator management team to help expand product capabilities, fuel sales growth and build upon Midigator’s market leadership position in the rapidly growing, $6 billion per year card-not-present fraud market. Midigator’s technology automates chargeback management and provides a more effective solution to combating fraud and chargebacks compared to other third-party, manually intensive service providers.
“Corey is a great example of a smart and highly capable entrepreneur that created a solution to solve a problem he was dealing with on a daily basis,” said Ryan Goldenberg, Vice President at LLR Partners. “Corey developed the core Midigator platform to help his prior eCommerce business handle its own chargebacks. The result was a customer-centric approach to product development underpinned by a fundamental understanding of customer and market needs.”
“We are excited to partner with Corey, Mark Standfield, President of Midigator, and the rest of the Midigator team as they build upon a one-of-a-kind platform that is applicable to all participants in the payments ecosystem,” added Mitchell Hollin, Partner at LLR Partners.
Atlas Technology Group served as the financial advisor to Midigator in the transaction.
About Midigator
Midigator is the leading chargeback and fraud technology platform used to mitigate risk and recover lost revenue. It provides real-time merchant account monitoring and automatically fights chargebacks (i.e., without human intervention) to win revenue back. Its analytics enable businesses to take preemptive action against chargebacks to keep their merchant accounts healthy and profitable. Midigator's unparalleled reporting and patented fraud management technology saves valuable time, allowing companies to focus on what's important: growing their business. To find out more about Midigator, call them toll-free at 1-800-960-2184 or visit them online at www.midigator.com.
About LLR Partners
LLR Partners is a lower middle market private equity firm committed to creating long-term value by growing our portfolio companies. We invest in a targeted set of industries, with a focus on technology and services businesses. Founded in 1999 and with more than $3 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and advice for scaling growth companies, visit our new website at www.llrpartners.com.
