Arlington Capital Partners has acquired payment software provider Avenu Insights & Analytics from private equity firm Mill Point Capital in an effort to expand its portfolio with product offerings for state and local government customers.
The financial terms of the transaction were not disclosed and Arlington Capital said Monday that Paul Colangelo, CEO of Avenu, will continue to lead the Centreville, Virginia-headquartered revenue enhancement and administrative platform developer.
Avenu brings to Arlington Capital more than 600 employees who work to provide compliance tools, public administration software, licensing and digital transactions, payment processing, permitting and managed services to over 4,000 customers in the U.S. and Canada.
Michael Lustbader, a managing partner at Arlington Capital, said the acquired company’s software helps government agencies maximize revenue without raising taxes, simplifies processes and reduces costs while providing greater transparency and improved customer experience.
Sheppard Mullin acted as legal adviser to Arlington Capital while Lincoln International served as financial adviser to Avenu on the transaction.