Deal expands CBORD’s off-campus solution set
April 3, 2007, Ithaca, NY and Boston, MA—The CBORD Group, Inc., one of the world’s leading suppliers of campus card, housing, and foodservice management systems for the College & University market, today announced it has acquired Off-Campus Advantage, LLC (OCA), a leading provider of off-campus payment services for colleges and universities. OCA expands the functionality of the University-issued ID card by enabling merchants in the local community to accept it as a form of payment. Since 1999, OCA has been providing CBORD’s CS Gold customers with a robust and secure off-campus payment platform. OCA’s Central Server Solution, which eliminates modem banks, phone lines, and other hardware on campus, will now be expanded to CBORD’s Odyssey PCS customers with new or existing off-campus payment programs and will help accelerate the building of CBORD’s UGryd national network of merchants, which links participating merchants with participating colleges and their students across America.
“OCA brings a proven, Central Server technology platform to CBORD’s 800+ university clients to address the demand for the campus card to be used off-campus, without adding overhead to the university infrastructure,” said Shawn McCarthy, CBORD’s Vice President of Wide-Area< Commerce Solutions. “We are excited to work with the OCA team with their proven track record of excellent customer service.”
“The combination of CBORD’s industry knowledge and campus card systems expertise with OCA’s technology is a terrific win for universities,” said Rory Hersch, President of OCA. “Whether a school is thinking of going off campus for the first time, or has had a program up and running for years, we now offer options to build and maintain those programs according to each university’s unique needs.”
The combined company will offer universities:
High Speed Transactions
Nightly ACH settlement
Customized programs to meet each university’s distinct needs
Incremental revenue stream that captures a share of dollars spent off-campus
Proprietary Loyalty & Rewards program which stimulates usage and rewards loyalty
OCA will operate as a wholly-owned subsidiary of The CBORD Group, Inc. with offices in Boston. Existing OCA client schools will continue to work with their current OCA account managers.
About The CBORD Group, Inc.
The CBORD Group, Inc., founded in 1975, has provided service to the campus-wide needs of higher-education facilities for over 30 years. CBORD works with a wide variety of clients and markets, providing cashless and ID card privilege control systems, housing management systems, Webfood online ordering service, and the Student Advantage discount membership program. In addition, CBORD serves thousands of chain restaurants, hospitals, universities, supermarkets, and gaming facilities with its suite of foodservice, catering, and nutrition software products. The CBORD Group has customers in the U.S., Canada, Europe, the Middle East, and Australia. To learn more about CBORD, visit us at www. cbord.com.
About Off-Campus Advantage, LLC
Off-Campus Advantage, LLC expands the functionality of the University-issued ID card by enabling merchants in the local community to accept it as a form of payment through its proprietary Central Server technology. With its suite of services, OCA creates fully customized programs for schools with existing off-campus vendors. By leveraging relationships with national retailers, OCA’s Loyalty platform rewards students with prizes for each dollar spent offcampus, creating a strong revenue source for university partners. The Company can be reached online at www. offcampusadvantage.com.
About Sterling Investment Partners
Sterling Investment Partners, based in Westport, Connecticut, invests in companies with significant competitive strengths and growth potential. Sterling Investment Partners has $1.0 billion in initial fund commitments which includes a significant investment from Sterling's four Managing Partners. Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value in excess of $6 billion, representing approximately 75 companies.