Boom Commerce announces a strategic investment in top point-of-sale (POS) technology company, Ovvi (formerly POSsible POS).
FREMONT, CA: Boom Commerce is a leading provider of electronic payment processing products and services, announces a strategic investment in top point-of-sale (POS) technology company, Ovvi.
Ovvi is a leader in completely integrated POS hardware, software, and payment processing solutions tailored for a huge variety of merchants and verticals, inclusive of restaurants, bars, retail, lounges, liquor stores, convenience stores, and grocery stores. Ovvi’s feature-rich POS technology consists of inventory management, employee time and management, data analytics and reporting insights, multi-language functionality, online ordering and delivery systems, and many integrations with leading accounting payroll systems, payment processors, and several other strategic partners. Ovvi’s sales and business development functions are managed out of its offices in Newport Beach, CA.
The partnership strengthened Boom’s position as a leader in the integrated payments space and bestowed Boom and its distribution partners with an enhanced POS technology product suite to provide merchants and tools to substantially reduce POS costs by reducing reliance on third-party POS providers. The transaction also allows Ovvi to tap into Boom’s industry-leading distribution channels and strategic support and capital to drive its growth.
Sabin Burrell, Boom CEO, says, “We’re ecstatic about this investment and partnership with Ovvi. We’ve looked at many POS companies over the years and Ovvi’s technology is far superior to any we’ve seen in the market. Combining Ovvi’s product and technology expertise with our vast distribution network will be immediately accretive to both companies and expand our market share in both the POS and integrated payment spaces.”
Ovvi CEO Manan Mehta said, “This capital infusion and distribution partnership with Boom will jumpstart our already impressive growth trajectory and give our team more breathing room to focus on what we’re good at – product and technology development. Leveraging Boom’s capital and distribution network and its many strategic relationships within the industry is a huge win for us as we continue improving our suite of POS technology products to enter more markets in both the US and globally and dominate the space from a technology and user experience standpoint.”
Boom and Ovvi have secured over 30 percent revenue growth year over year in 2020 despite the dire economic conditions, and this partnership positions companies to exceed that growth rate in 2021. This transaction will not impact any existing customer accounts with Boom or Ovvi.