Planet is combining with Proximis, Datatrans, protel Hotelsoftware and Hoist Group, to create a unique vertical technology provider for commerce enablement.
Operating in more than 120 markets, the combined company will organise by key customer verticals.
Majority owners Advent International (‘Advent’) and Eurazeo invest to power new growth strategy.
Former PayPal executive Brent Warrington appointed as Planet’s Chief Executive Officer (‘CEO’) to lead the newly combined company.
LONDON, March 16, 2022–(BUSINESS WIRE)–Planet, a global technology leader, today announced that it has combined with Proximis, Datatrans, protel Hotelsoftware and Hoist Group to power digital commerce, with industry leading cloud software and payments solutions for the Retail, Hospitality, and Financial Services verticals. The combined company operates in over 120 markets and employs more than 2,000 people worldwide.
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Brent Warrington has been appointed as Planet’s CEO to lead the newly combined company (Photo: Business Wire)
Planet’s strategy to combine software, payments and technology is driven by its customers’ need to deliver consistent, convenient and personalised experiences, which meet the changing demands of their own consumers. Planet’s new offering enables its customers to connect all of their channels, both online and offline, aligning previously fragmented software and payment systems which prioritised function over end customer experience.
The creation of a single end-to-end platform allows retailers to support unified shopper journeys across all channels, including complex processes, such as click and collect, shop and ship, and advanced return management. For hoteliers, Planet offers integrated and built-in payments that power digital guest journeys, saving them time and enabling them to generate revenue through integrated value-added services. In addition, Planet works with a network of Financial Services Partners around the world to provide global payment processing solutions.
Majority owners Advent and Eurazeo have partnered to combine these companies into a vertically focussed global technology leader with an ambition to transform digital commerce for their customers. The two partners will continue to drive investment and innovation, drawing on their combined global reach and deep technology sector expertise.
The company will be led by Brent Warrington, who joins Planet with a highly successful track record leading high growth technology companies, including most recently PayPal, where he was the Global Head of Marketplaces. Prior to that, Brent spent five years as CEO of Hyperwallet, which was acquired by PayPal in 2019. Brent’s other leadership roles have included CEO of SecureNet Payment Systems (acquired by WorldPay) and CEO of FundsXpress (acquired by FirstData). Brent succeeds Patrick Waldron, who is joining the Planet Board of Directors.
Commenting on the announcement, Brent Warrington said:
“We have an incredible opportunity ahead of us to create a company that delivers innovative solutions that will be transformative for both our customers and their consumers, shoppers and guests through connected commerce.
“We will be a differentiated and disruptive force within our sector, which will drive our growth ambitions, and I look forward to updating you on our progress over the course of 2022.”
Planet provides integrated software, payment and technology solutions for its customers in the Hospitality and Retail sectors and worldwide via a network of global Financial Services Partners. Founded over 35 years ago, we have evolved our services, delivering an innovative digital commerce platform that puts customer experience first. With headquarters in London and more than 2,000 expert employees located across six continents we serve customers in over 120 markets.
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ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 390 private equity investments across 42 countries, and as of September 30, 2021, had €75 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 255 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
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Eurazeo is a leading global investment group, with a diversified portfolio of €27 billion in Assets Under Management, including €19 billion from third parties, invested in over 450 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 350 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
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Graeme Wilson, Harry Cameron – Tulchan Communications
+44 (0) 20 7353 4200