Sphere, a Nashville, Tennessee-based provider of payments technology and security software, has mandated an advisor to explore a sale, three sources familiar with the situation said.
Backed by Waud Capital, the seller has held some conversations with potential buyers ahead of a formalized launch of its sale process, two of the sources said.
Financial sponsors and some strategics are expected to take a look at the fintech company, some sources said.
The company generates revenues in the USD 70m to USD 100m range, the sources said, with one of them noting that Sphere clocks around USD 20m in EBITDA.
The sources said that Sphere has a growth rate in mid-teens range.
Sphere is a good business with presence in attractive verticals, the first source and a sector advisor said. Another source said Sphere comps to businesses such as EngageSmart [NYSE: ESMT] and Flywire [NASDAQ:FLYW].
In 2017, Waud Capital acquired and combined TrustCommerce and Anovia Payments to create Sphere, as per a press release.
Sphere is a provider of end-to-end integrated payments and security software. It serves large as well as mid-size and small businesses across multiple end markets, including healthcare.
In 2020, Sphere acquired Oakbrook, Illinois-based Health iPass, a provider of patient engagement software and revenue management technology.
Sphere did not respond to request for comment. Waud declined to comment.
