BIA Digital Partners and RBC Bank (USA) Invest
a Combined $14.5 Million in Cash Cycle Solutions
May 05, 2010 11:03 AM Eastern Daylight Time
CHANTILLY, Va.--(EON: Enhanced Online News)--BIA Digital Partners II LP (“BIA”), a private investment firm
focusing on mid- to later-stage companies, and RBC Bank (USA), recently announced a financing arrangement for
Cash Cycle Solutions, Inc. (“Cash Cycle Solutions” or the “Company"), allowing the Company to acquire San
Diego-based Sea-Net Holding, Inc. (d/b/a ZDI), completing a meaningful shareholder redemption and providing
working capital for growth. BIA invested $7 million of subordinated debt, and RBC Bank, through its Knowledge
Based Industries Group, provided $7.5 million of senior term and revolving debt.
Cash Cycle Solutions is a leading provider of outsourced transaction processing services based in Charlotte, N.C.
Cash Cycle Solutions was formed in 2006, when its predecessor entity, Total Billings, Inc., acquired Utility Business
Services, Inc., combining over 70 years of industry experience and creating a comprehensive suite of outsourced
transaction processing solutions.
“We at Cash Cycle Solutions are delighted to have made this acquisition with the help of RBC and BIA,” said Chris
Whitfield, CEO of the Company. “RBC Bank has been a valued partner to Cash Cycle Solutions for years and
really stepped up at this exciting time in our evolution. We have really enjoyed getting to know the BIA team during
this process. We found them to be quick studies, flexible and with a great focus on getting this important transaction
With ZDI, the Company now serves hundreds of customers coast to coast from its four locations – Charlotte and
Durham, N.C.; San Diego, Calif.; and Union, N.J. In delivering its flexible suite of traditional processing and
contemporary digital solutions, Cash Cycle Solutions combines its proprietary technology with state-of-the-art
operations centers to support every client’s entire cash cycle. From rate mana