Subsidiaries Formerly Known as Regulus Group and J&B Software to Operate as Single, Standalone Company
New York, NY, and Atlanta, GA – June 30, 2011 – Today an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), one of the world’s leading private investment firms, completed its acquisition of 3i Infotech Limited’s (NSE: 3IINFOTEC.NS) US-based Global Billing & Payments unit. The acquired unit, consisting of the subsidiaries formerly known as Regulus Group and J&B Software, has become a standalone Cerberus portfolio company effective today. Under Cerberus’ ownership, the new company will retain the 3i Infotech corporate name until a new corporate name is introduced.
Cerberus announced in May that it was acquiring the Global Billing & Payments unit from 3i Infotech. 3i Infotech acquired J&B Software in 2007 and Regulus Group in 2008. The companies were integrated to form the Global Billing & Payments unit of 3i Infotech.
Lynn Boggs has been named Chief Executive Officer of the new company. Boggs brings extensive experience in the financial services industry and a long history of running successful payments organizations to the new enterprise. Boggs previously served as CEO of Goldleaf Financial Solutions, Inc. (NASDAQ: GFSI), which was formed in 2005 by merging with Captiva Solutions, LLC, a company Boggs founded and also served as CEO. Goldleaf was acquired by Jack Henry & Associates, Inc. (NASDAQ: JKHY) in 2009. Before founding Captiva, Boggs served as President and COO of InterCept, Inc. (NASDAQ: ICPT), a payments, core processing, and EFT company sold to Fidelity National Information Services, Inc. (NYSE: FIS) in 2004.
“I’m excited to be joining such a dynamic company,” said Lynn Boggs, Chief Executive Officer. “As a standalone entity, we are perfectly positioned to expand our service and solution offerings and drive innovation in the billing and payments space. I look forward to working with the company’s management team and employees to deliver excellence to clients around the globe.”
Kathy Hamburger, who previously served as head of the unit under 3i Infotech, will assume the role of Executive Vice Chairman. In her new role, Hamburger will be responsible for helping to set the company’s strategic direction and drive growth.
“Cerberus is pleased to have the combined Regulus and J&B billing and payments business as part of our portfolio of companies, and we are excited to have Lynn Boggs, an executive with an outstanding track record, leading the company,” said Tim Price, a Managing Director and spokesperson, Cerberus. “We look forward to supporting the company’s focus on delivering the best products and highest quality services to its clients.”
About 3i Infotech
3i Infotech (www.3i-infotech.com) is a global information technology and business process outsourcing (BPO) company which provides technology solutions to customers in more than 50 countries across five continents. The company provides IT services and BPO to markets such as banking, financial services, insurance, government, manufacturing, retail, telecom, education, healthcare and utilities. 3i Infotech is a member of the FinTech 100 and the WorldBlu List of Most Democratic Workplaces.
About 3i Infotech Billing & Payments
3i Infotech Billing & Payments combines people, processes and a rich suite of proven technologies to deliver best practices and highly customized solutions for all aspects of a company’s end-to-end revenue chain. Home to the Global Billing & Payments Center of Excellence, the company leverages its deep domain expertise in select vertical markets such as banking, financial services, insurance, government, manufacturing, retail, telecom, healthcare and utilities to deliver the ideal mix of on-site, software-as-a-service (SaaS) and outsourced solutions to serve each customer’s unique needs. 3i Infotech Billing & Payments consists of the subsidiaries formerly known as Regulus Group and J&B Software, and recently became a standalone company.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P., together with its affiliates, is one of the world’s leading private investment firms, with approximately $23 billion under management. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City with affiliate and/or advisory offices in the US, Europe and Asia.
3i Infotech Media Contacts:
Senior General Manager and
Head – Global Marketing & PR
3i Infotech Limited,
Akruti Centre Point, 6th Floor
M.I.D.C Central Road, Andheri (East), Mumbai – 400 093
Director of Marketing, 3i Infotech Billing & Payments
+1 (213) 216-1808
Cerberus Media Contacts:
Peter Duda: +1 (212) 445-8213
John Dillard: +1 (212) 445-8052
Cerberus Media Line: +1 (212) 891-1558