MessagingDirect is a company with well-established roots in e-mail, messaging and delivery systems. The company had a large customer base, approximately $5 Million in annual revenue and had developed two direct e-business solutions namely, M-Statement, a direct electronic information delivery system and M-Bill, a direct electronic billing and payment solution. These solutions were highly advanced with robust, standards-based electronic information delivery products for secure and authenticated round trip business to business transactions.
In August 1999 the StoneBridge group invested in this leading developer of electronic messaging and directory software and assisted the company with their bank financing and aggressive growth plans.
In January 2001 we assisted the company negotiate a sale of the business to Transaction Systems Architects Inc. (NASDAQ: TSAI) for $75 Million. At the time, TSAI generated annual revenue in excess of US$300 Million by way of software that facilitated electronic payments. With MessagingDirect’s electronic bill and statement presentment solution TSAI was able to offer an end-to-end software solution to get bills delivered and paid electronically.
Michael Lang served as Director of the corporation and Rod Maxwell was the lead from the StoneBridge group working with management.