Patriot Software (“PATRIOT”), a SaaS provider of online accounting software and payroll for tens of thousands of American businesses, is evaluating its options for long-term strategic partnerships.
According to Patriot’s CEO, Mike Kappel, “Due to our strong financial position, we are looking for a strategic partner who will (1) share our long-term mindset of putting the customer first through innovation and (2) expect our precision software to disrupt the accounting software and payroll industries now and in the decades to come.”
Patriot Software’s payroll engine is calculating over $3 billion in payroll annually and processing $850 million through its proprietary direct deposit software. The Company’s recent 12/31/2019 valuation was $220.5 million for a non-controlling, non-marketable minority common equity interest. “The right strategic partner could take up to a 10% equity position in Patriot at this time with a possibility for more in the future,” says Michael Wheeler, President and Chief Legal Officer.
“Due to our proprietary payroll and direct deposit capabilities, a likely strategic partner for Patriot could be a member of the Real Time Payments (RTP) network or in other fintech, neobanking, or credit card processing arenas,” says Kappel. “We are also evaluating potential partners interested in offering SaaS payroll and accounting to their large base of customers.”
According to Wheeler, “Our ability to instantly adapt to the flurry of COVID-19 regulations shows that our timing for a strategic partner is perfect. Our team is nimble, and our systems are ready to scale.” Wheeler invites interested parties to email his team at IR@PatriotSoftware.com for digital access to our partnership pitch deck overview.
Patriot Software, located in Canton Ohio, provides award-winning online accounting software and online payroll for American businesses. For information on all of Patriot’s products servicing the United States, contact Patriot Software, LLC at 877-968-7147, or visit www.patriotsoftware.com.
Patriot Software, LLC