LAS VEGAS, June 23, 2022 (Newswire.com) - Passport Technology ("Passport"), a leading developer of technology-based solutions and services for the highly regulated payments, gaming, and financial services markets, today announced that it has received a strategic growth investment from an affiliate of Peak Rock Capital ("Peak Rock"), a leading middle-market private investment firm. The investment provides Passport with significant resources to expand its customer base, develop new technology-enabled products and services, and pursue additional strategic partnerships.
Cleve Tzung, Chief Executive Officer of Passport, said, "Peak Rock's investment will support our rapid growth, sharpen our focus on innovation and accelerate our proven customer acquisition strategy. Since 2019, we have more than doubled our installed base and expanded service offerings to new and existing customers. Today, Passport is installed in over 222 locations across six countries, and we expect that Peak Rock's additional support will allow us to reach new heights and help us achieve our growth ambitions."
"Passport has a significant pipeline of new opportunities with both new and existing customers across the globe," said Scott Dowty, founder and Executive Chairman of Passport. "With this new capital and collaboration with Peak Rock, we will bring our company to its next stage of growth and further establish our position as the leading innovator and provider of technology-based cash access, compliance and loyalty solutions to gaming partners, while expanding our platform in additional end markets."
"Passport's portfolio of tech-enabled products and solutions are trusted by many of the leading players in payments and gaming, and have allowed the company to realize exceptional growth since inception," said Nick Basso, Managing Director at Peak Rock Capital. "This transaction exemplifies our continued focus on providing both capital and strategic partnership to innovative, growth-oriented businesses."
About Passport Technology, Inc.
Passport's pursuit of excellence is driven through diversity, inclusion, and collaboration as we strive to create opportunities for all stakeholders to thrive. Passport is a leading developer of technology-based solutions and services for the highly regulated payments, gaming, and financial services markets. The company's product portfolio includes redemption kiosks, quasi-cash, check warranty, ATM, digital payments, cash and cashless integrations, casino automation, regulatory compliance solutions, bank-sponsored transaction processing, server and web-based analytics, agnostic application management systems, and interactive content and loyalty services. Through its privileged gaming licenses and payment sponsorships, Passport has securely and responsibly settled over $45 billion in funds to casino floors across the globe. For more information about Passport Technology, please visit www.passporttechnology.com.
About Peak Rock Capital
Peak Rock Capital is a leading middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock's equity investment platform focuses on opportunities where it can support senior management to drive rapid growth and performance improvement, with expertise in corporate carve-outs and partnering with families and founders seeking first-time institutional capital. Peak Rock's credit platform invests across capital structures, with a broad mandate to provide flexible, tailored capital solutions to middle-market and growth-oriented businesses. Peak Rock's real estate platform makes equity and debt investments in small to mid-sized real estate assets in attractive, growing geographies. For further information about Peak Rock Capital, please visit www.peakrockcapital.com.
Passport Technology Inc.
Source: Passport Technology