Market Overview

Velocity Solutions, an H.I.G. Capital Portfolio Company, Completes the Acquisition of BSG's Overdraft Software Offering


H.I.G. Capital, LLC ("H.I.G."), a leading global private equity
investment firm with over $25 billion of equity capital under
management, is pleased to announce that one of its portfolio companies,
Velocity Solutions ("Velocity" or the "Company"), the leading provider
of revenue enhancement solutions to regional and community financial
institutions, has completed the acquisition of
CourtesyConnect/CourtesyLimit, the automated overdraft management system
provided by CourtesyCloud Management Solutions, LLC ("CourtesyCloud"), a
BSG Financial Group company.

CourtesyConnect is the industry's first cloud-based courtesy overdraft
management system. The software and processes allow financial
institutions of all sizes to automate their overdraft service and manage
it as a line of business – for enhanced account holder experience,
compliance and revenue. CourtesyLimit is the risk management component
of the system. It provides innovative data analysis capabilities to
create dynamic overdraft limits tailored to an individual's repayment

"This acquisition establishes Velocity Solutions as the industry's
unrivaled leader in automated overdraft management solutions using
dynamic limits," said Christopher Leonard, CEO of Velocity. "The
addition of CourtesyConnect/CourtesyLimit to our existing product suite
creates the industry's most powerful overdraft management product set.
This acquisition allows us to provide our overdraft solutions to a
broader base of financial institutions, including those who are seeking
a cloud-based solution." Leonard continued, "We are better equipped than
ever to help financial institutions of all sizes achieve the optimal
balance of revenue, service and compliance – the three essential pillars
of a complete and proactive overdraft management system."

"Velocity Solutions is a seasoned veteran in the overdraft space. For
years, we've coexisted in the industry as peers, with very similar goals
of offering compliant and consumer-centric solutions, developing
consultative relationships with our clients, and continuous innovation
of our software, systems and processes," said W. Barrett Nichols,
Founder and Chief Executive Officer of BSG Financial Group. "This
acquisition creates the opportunity to provide enhanced overdraft
product offerings and unrivaled service to our combined client base, as
well as to other prospective financial institution customers."

"We are pleased to support Velocity in its strategic acquisition of
CourtesyCloud," commented Keval Patel, a Managing Director of H.I.G.
Capital. "In addition to further enhancing our existing overdraft
management capabilities, the acquisition enables cross-selling of other
Velocity solutions to a new customer base and adds talented individuals
to the Velocity team. This acquisition solidifies the Company's position
as the industry's leading overdraft management provider."

CourtesyCloud is the second add-on acquisition that Velocity has
completed since H.I.G. acquired the Company in December 2017. Velocity
also acquired Akouba in June 2018 as a new strategy to enter the growing
digital lending market by enabling financial institutions to offer loans
to small and medium-sized businesses.

For more information, please contact Velocity Solutions at

About Velocity Solutions, LLC

Velocity Solutions is the leading provider of digital revenue
enhancement solutions to regional and community banks and credit unions.
Founded in 1995 and servicing the transaction accounts of over 25
million consumers and business owners, Velocity has unparalleled
expertise and insight into deposit account activity and transactional
trends. Velocity's solutions are designed to automate overdraft
services, drive new profitable accounts, provide digital consumer and
business lending platforms, generate new non-interest income, and
address regulatory scrutiny. For more information, please visit

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets
investment firm with over $25 billion of equity capital under
management.* Based in Miami, and with offices in New York, Boston,
Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as
well as international affiliate offices in London, Hamburg, Madrid,
Milan, Paris, Bogotá, Mexico City, Rio de Janeiro and São Paulo, H.I.G.
specializes in providing both debt and equity capital to small and
mid-sized companies, utilizing a flexible and operationally focused /
value-added approach:

1. H.I.G.'s equity funds invest in management buyouts, recapitalizations
and corporate carve-outs of both profitable as well as underperforming
manufacturing and service businesses.

2. H.I.G.'s debt funds invest in senior, unitranche and junior debt
financing to companies across the size spectrum, both on a primary
(direct origination) basis, as well as in the secondary markets. H.I.G.
is also a leading CLO manager, through its WhiteHorse family of
vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3. H.I.G.'s real estate funds invest in value-added properties, which
can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than
300 companies worldwide. The firm's current portfolio includes more than
100 companies with combined sales in excess of $30 billion. For more
information, please refer to the H.I.G. website at

* Based on total capital commitments managed by H.I.G. Capital and

View Comments and Join the Discussion!