Southridge Partners II (formerly Southridge Capital Management) Enters Into A $10 Million Equity Purchase Agreement With ELayaway
Stephen Hicks, Chairman and CEO of Southridge, announced today that Southridge Partners II (formerly Southridge Capital Management), an institutional investor, has entered into a $10 million equity purchase agreement with eLayaway, the leading provid
August 6, 2012 (Newswire.com) - Launched in late 2006, eLayaway, Inc. (R), (ELAY) is the parent company of DivvyTech, Inc., the technology and brand management company behind eLayaway.com, a layaway payment platform with a pipeline of over 300 merchants and strategic partnerships. The Company's patent-pending payment application allows retailers to expand their consumer base to millions of credit-conscious shoppers by providing them with a flexible payment plan that fits their budget.
ELayaway.com(R) markets layaway payment processing and management services directly to online and brick & mortar retailers, allowing consumers and businesses to make both small or large purchases. Revenues are generated through an initial setup fee and a monthly transaction fee charged to the retailer. The consumer is assessed a small flat fee based on the total amount of their purchase.
In addition to traditional retailers, the Company's payment technology is also being used to support retailers in the sports, healthcare and travel verticals. In an effort to leverage existing technology and support these industries, eLayaway, Inc., owns and operates additional brands such as, eLayawaySPORTS.com, NuVidaPaymentPlan.com, eLayawayTRAVEL.com, PlanItPay.com and eApartado.com. In February 2012, the Company acquired Centralized Strategic Placements, Inc., (CSP); a company whose technology supports member-based shopping exchanges that serve the 14 million Federal Government employees, retail partners, distributors and manufacturers.
Southridge seeks investments in emerging growth areas, domestically and in international markets. Southridge has successfully participated in providing over $1.7 billion in capital to companies in the United States, Asia, Canada, the United Kingdom, and Australia amongst other markets.
About Southridge Advisors
Southridge LLC is a very diversified financial holding company specializing in direct investment and advisory services to small and middle market companies.