June 7, 2017

Croft & Bender Serves as Financial Advisor to ControlScan in its Merger with EchoSat

Croft & Bender, an Atlanta-based investment banking and private equity firm, is pleased to announce the successful merger of its client, ControlScan, Inc. (ControlScan), with EchoSat, Inc. (EchoSat).

Headquartered in Alpharetta, Georgia, ControlScan is one of the nation’s foremost PCI compliance and security companies, providing a range of software and solutions for enterprises across North America. ControlScan offers consulting and web-based services to validate compliance with the Payment Card Industry Data Security Standards (PCI DSS), as well as Managed Security Services that directly address PCI requirements for small and mid-size businesses. Through partnering with some of the world’s largest payment processors and merchant acquirers, ControlScan’s expansive market presence touches hundreds of thousands of merchants.

EchoSat, based in Lexington, Kentucky, operates a high-speed, redundant Secure Payment Gateway (SPG) that allows merchants and businesses of all types to transmit vital payments data securely on any broadband connection accessed via digital subscriber line (DSL), cable, wireless or satellite. EchoSat also offers PaySafe SPG, a managed firewall solution that provides network segmentation, security and redundancy for payments data while protecting Internet Protocol (IP)-based point-of-sale systems from external and internal breach. Critical payments traffic is isolated to EchoSat’s SPG network and backed up with high-speed cellular connections from each retail location. EchoSat was acquired by Thompson Street Capital Partners, a St. Louis-based private equity fund, in 2014.

Croft & Bender served as the exclusive financial advisor to ControlScan on the transaction. Croft & Bender has been actively involved with ControlScan since 2010, when its affiliated fund, C&B Capital II, co-invested alongside Harbert Venture Partners. Steve Tye, Managing Director of Croft & Bender, has served as a Board Observer for the Company for seven years. “Croft & Bender has been a highly valued partner and trusted advisor to ControlScan since their original investment in 2010. Their expertise in managing a customized process and negotiating complex issues proved critical in the transaction process, and their diligent efforts effectively positioned the Company to achieve a successful outcome for our shareholders,” said ControlScan CEO, Joan Herbig.

“Joan Herbig and the rest of the ControlScan team did an extraordinary job building a valuable company and a highly respected brand in the security and compliance space. We appreciated the opportunity to both witness the Company’s impressive growth over the past seven years and advise the Company throughout this process. We believe their innovative solutions and strong core values will continue to drive future success,” commented Steve Tye.