n another industry merger of sorts, Retriever Payment Systems and Iron Triangle Payment Systems LLC (ITPS) have combined as of the first of the year. Under the agreement announced Jan. 24, 2005, Retriever is now a subsidiary of ITPS but will continue to operate as Retriever Payment Systems. Both Retriever and ITPS are portfolio companies of GTCR Golder Rauner LLC, a private equity investor in the transaction processing industry.

Retriever's existing senior management team, including Chief Executive Officer Bill Higgins, will remain with the company; its existing investors have converted their ownership of Retriever into securities of ITPS.

Executives with both companies are enthusiastic about the possibilities for expansion the combination will provide. They said that each company brings its own set of core strengths to the partnership. Retriever serves more than 95,000 merchants nationwide, growing organically thanks to its focus on investing in technology and maintaining strong relationships with sales organizations and agents.

Tom Wimsett, ITPS CEO, hopes to build on the platform that Higgins and his experienced team have established through the years. Higgins cited Wimsett's talent for creating alliances, establishing partnerships and overseeing acquisitions. Before founding ITPS, Wimsett served as President and CEO of National Processing Co.

Wimsett formed ITPS in 2003 to build a provider of transaction processing and payment services through strategic acquisitions. However, Wimsett said that while ITPS has looked at several companies over the past year or so, the Retriever combination is the first transaction it has completed.

Retriever caught the attention of Wimsett and his team for a number of reasons and is an excellent fit with ITPS' business philosophy of serving the "iron triangle" of employees, customers and shareholders.

"We look at four pillars of value," he said. "The Retriever management team; the distribution channels they support; the investment in technology they've made, which positions them for growth; and the client base itself."

GTCR and Retriever management acquired and recapitalized Retriever in July 2004 in a $250 million transaction.