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Business Observer Tuesday, Apr. 16, 2019 1 month ago

Pioneer in software for alcohol payments swallows acquisition

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Tampa-based Fintech buys Lilypad Solutions LLC.

TAMPA — Financial Information Technologies LLC, also known as Fintech, a Tampa-based provider of business management solutions for the beverage alcohol industry, has acquired Lilypad Solutions LLC, also headquartered in Tampa.

Terms of the deal, which is the first strategic acquisition for the privately owned Fintech, were not disclosed in a press release.

Lilypad Solutions markets itself as a sales platform for the alcohol industry. In the release, Fintech says the acquisition will expand the company’s technology offerings, expertise and client base.

“We are pleased to add Lilypad’s quality services and robust client roster to our existing portfolio, and we look forward to working with Lilypad co-founders, CEO Eric Rabinovitz and CTO Pete Ladis,” Fintech President Tad Phelps states in the release. “This acquisition further validates Fintech’s commitment to our clients, and will allow us to combine our industry-leading, actionable data with Lilypad’s innovative sales tools to provide invaluable solutions to the supplier market. It also expands our professional network of employees, and lays the foundation for expansive growth for both companies through new product innovations and other strategic advancements.”

Fintech, the release states, created the first electronic payment tool for alcohol purchasing in 1991, and has since grown to provide an integrated platform that streamlines processes and improves operations at every stage of beverage alcohol management for thousands of clients across the country.

Founded in 2014, Lilypad works with hundreds of beverage alcohol companies, both suppliers and distributors, that want to make their sales teams more effective and generate data insights that promote growth. According to the release, the firm’s day-to-day operations will not be affected by the acquisition, though Rabinovitz will join the Fintech executive team.

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