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FT Partners Advises on Strategic Sale of CardSpring to Twitter

FT Partners Advises on Strategic Sale of CardSpring to Twitter

Overview of Transaction

  • On July 17, 2014, CardSpring, an emerging payments infrastructure company, announced its sale to Twitter
  • CardSpring was primarily backed by Accel Partners and Greylock
  • CardSpring has developed a proprietary platform that enables digital publishers and retailers to work with the payment industry to create a new generation of commerce experiences for hundreds of millions of offline shoppers
  • Financial terms of the transaction were not disclosed
  • Additional information can be found on the CardSpring and Twitter blog posts

Significance of Transaction

  • By joining forces with Twitter, CardSpring will be able to significantly accelerate the intersection of digital media and payments in order to revolutionize how consumers use credit and debit cards
  • The CardSpring team and technology will enhance Twitter's ability to bring in-the-moment commerce experiences to its users; the CardSpring acquisition is Twitter's first strategic move into Payments

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to CardSpring and its Board of Directors in the sale to Twitter
  • FT Partners leveraged its deep industry expertise to provide advisory services throughout the transaction, including strategic direction and introducing CardSpring to financial investors, strategic acquirors and distribution partners
  • FT Partners continued its long-term relationship with existing investors Accel (recently sold OZForex for Accel for nearly $500mm) and Greylock on the sale of their joint-controlling equity stake in CardSpring