Paytronix Rings Up $65M to Boost Customer Loyalty Software Business
Paytronix Systems, a seventeen-year-old software company that manages customer rewards programs and other sales initiatives for restaurants and convenience store chains, said Monday it pulled in $65 million in funding from Great Hill Partners, a Boston-based private equity firm.
Newton, MA-based Paytronix previously raised a little over $2 million from investors, according to SEC filings. In a press release, the company said it has been profitable for the past decade. Now, it intends to accelerate its growth with the help of the capital infusion.
Paytronix provides “customer experience management” software and services. It handles things like loyalty and rewards programs, gift cards, and e-mail marketing campaigns for more than 330 clients, including Panera Bread, California Pizza Kitchen, and Thorntons, a gas station and convenience store chain. Paytronix also helps clients crunch data about consumers in order to boost their sales and marketing efforts.
Other companies that offer customer rewards software or related products include Linkable Networks; Cartera Commerce, which was acquired last year by Ebates; and LevelUp, which raised a $50 million funding round last year.