Isis backs CR7 bolt-on with £9.9m

Capital for the transaction was drawn from Isis Growth I and the Baronsmead VCTs.

Following the deal, 123Send's management team will remain with the company, which will also retain its current brand name.

The investment is the first acquisition made by CR7, which was founded last year. The company has stated its intention to capitalise on 123Send's team and assets, building its UK operations around them.

CR7's founder, Simon Wilding, has extensive experience in the card payment processing field. In 1992 Wilding founded Commidea, a POS terminal company that was sold to Point International in 2009.

CR7 stated it was attracted to 123Send by the company's long-standing partnerships with its clients.

Company
Headquartered in London and founded in 2000, 123Send is a provider of wireless POS terminals. The company has a client base of 11,000 merchants, using around 15,000 terminals.

CR7 is a card payment processing company founded in 2013.

People
Andrew Garside is a partner at Isis. Simon Wilding is the founder and CEO of CR7.

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