PayLease Receives Majority Equity Investment from Francisco Partners
Summary
PayLease, a San Diego, CA-based online payments provider for the property management and home owner association industry, received a majority equity investment from Francisco Partners. Following the transaction, whose close is still subject to customary closing conditions and whose amount was not disclosed, existing investor Mainsail Partners as well as PayLease founders and management will retain ownership stakes in the company. PayLease intends to use the proceeds to continue to expand product capabilities, customer service levels and distribution. Founded in 2003 and led by Dave Dutch, CEO, PayLease provides a Payments-as-a-Service platform for the property management industry, which allows property managers to accept and manage rent payments and HOA payments and residents to pay their property manager using an E-check, a credit card or with cash from a retail location. The company serves thousands of property management companies nationwide.
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