(LONDON, England; February 20, 2023) — Mytown Technologies, a TAP Financial Partners portfolio company and technology services firm whose web-based application enables small and medium-sized organizations to market and sell products to local audiences in real time, has reached an agreement with Simply Pay Me to license that company’s software and provide management services. The deal adds mobile payments technology to Mytown’s offering to SMEs and adds human and intellectual property resources to fuel further growth and expansion.
Simply Pay Me, a partner of Mastercard, Worldpay, and Stripe, is currently generating £5m per year in payments from the nearly 15,000 businesses using its cloud-based app. Its software provides companies payment, invoicing, and business management solutions, all accessible through smartphones.
As part of the acquisition, Dominic Brookman, CEO of Mytown Technologies, will take on the same role with Simply Pay Me, which will continue to operate as a mobile payments and customer management app for its audience of service and trade-focused individuals and businesses.
“We’ve added valuable technology that will enhance what we provide our base of retail stores and expand our software as a service (SAAS) offerings,” said Brookman. “We’ll also add significant talent to our team as we integrate their staff in the management agreement.”
Mytown’s acquisition, made for stock and cash considerations, grants the company a perpetual license to use and/or modify Simply Pay Me’s mobile payment and customer relationship software. The agreement also calls for Mytown to provide management, finance, and administrative services.
Mytown, in partnership with TAP, a U.S.-based merchant bank, is one of the UK’s fastest growing e-commerce marketplaces for independent shops & stores. It features a powerful search directory that supports local authorities, business improvement districts, and small business owners.
As an equity and debt partner, TAP has provided funding and advisory services that have helped Mytown grow its market share and make strategic acquisitions, including the Simply Pay Me transaction. “We continue to be pleased by the execution of the Mytown team. This agreement is good for stakeholders of both organizations,” said Bob Press, founder of TAP Financial Partners.
To learn more about Mytown Technologies, visit them at www.mytowntechnologies.co.uk.
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TAP Financial Partners is a privately-held, boutique merchant bank providing advisory, restructuring, debt and equity fundraising services, fulfillment, and up-listing advice to a select group of small and mid-sized enterprises. It’s financial expertise and decades of collective experience position it to be a difference-maker for clients, no matter the assignment or mandate.