Holland , MI - ISD Corporation, a leading provider of payment management software for merchants, today announced the closing of its second round of venture funding led by River Cities Capital. River Cities was joined by Nationwide Mutual Capital and ISD's existing investors including Prism Opportunity Fund and Odin Capital Group.
ISD will use the funding to expand its payment product offering, including its new Java-based, open systems suite.
In connection with the funding, Dan Fleming of River Cities and Dennis Knueven of Nationwide will join ISD's Board of Directors.
"This is a tremendous milestone for ISD, reflecting robust investor confidence in our business, people and market opportunity. We are very pleased to have attracted new investors from such prominent firms as River Cities and Nationwide along with continued support from our strong group of existing investors," said John Filby, president and CEO of ISD. "Beyond the infusion of capital, we view these investors as long-term strategic partners that will accelerate our growth and allow us to fulfill our vision of powering the next generation of merchant payments."
"ISD has proven its business and products with over 150 name brand merchants and is in an excellent position to garner a significant share of the rapidly growing market for merchant payment software," stated Dan Fleming, Director for River Cities Capital Funds. "We are excited to support the expansion of this pioneer and leader of the payment software industry."
Dennis Knueven, Director for Nationwide Mutual Capital stated, "ISD products are best-of-breed, representing two decades of effort from an extremely experienced team. This new investment will enable ISD to deliver an ever deeper set of products to its existing customers while reaching into new market segments that desperately need centralized payment processing."
"As an early investor in ISD, we've seen the Company enjoy great success," said Mark Finkel, Chairman of the Board for ISD and Partner of Prism Fund. "We're pleased to provide additional capital that will allow them to continue their growth."
About Nationwide Mutual Capital, LLC
Nationwide Mutual Capital, LLC is a private equity division of Nationwide, Inc. (NYSE: NFS), a leading insurance and financial services group based in Columbus, Ohio. Nationwide Mutual Capital is focused on investments in insurance, financial services and related businesses. Nationwide Mutual Capital is interested in investing in mid- to late-stage venture and middle-market private equity investment opportunities in companies based in the U.S. and Europe. For more information, visit www.nationwide.com.
About ISD Corporation
As a recognized leader in the payment technology industry, ISD is committed to providing payment management software that gives retailers more control, enabling them to reduce costs, drive operational efficiencies, and easily make changes to their payment systems. ISD has been delivering on this mission for the past 18 years. The ISD Payment Switch Framework includes centralized payment authorization and settlement functionality, support for an extensive variety of tender types, modules for extending the capabilities of debit processing, and end-to-end solutions for self-managing specific payment needs such as gift card programs. For more information, visit www.isdcorporation.com.