Atlanta's Purchasing Power, an employee purchase program offered as a voluntary benefit, has acquired DoubleNet Pay, Inc., an Atlanta-based fintech startup.
According to Purchasing Power representatives, the acquisition closed on Sept. 28 and is the first acquisition for the company. By purchasing the software technology assets of DoubleNet Pay, the company plans to provide automated savings and bill-paying to its U.S. employers and their employees.
DoubleNet Pay has closed its Atlanta-based operations as a result of the acquisition, according to a company representative. DoubleNet Pay CTO Bret Levy and co-founder Cody Laird have taken roles at Purchasing Power, while the remaining 12 employees have found work elsewhere. DoubleNet’s founder and CEO Brian Cosgray is pursuing another opportunity that he has not disclosed.
DoubleNet Pay’s financial technology platform allows employees to set up automated savings goals, debt paydown strategies and recurring bill payments through payroll deduction, according to a news release. Purchasing Power will rebrand this service to add to its current voluntary benefit program.
“This investment enables us to take a significant next step in our mission to provide expanded financial wellness products and services that will fill gaps not addressed by traditional employee benefit providers,” Richard Carrano, Purchasing Power CEO, said in a statement. “Coupled with our premiere employee purchase program and free financial wellness resources, this technology provides a full menu of valuable options for employees to take greater control of their financial futures. Furthermore, the automated features help to replace the stress of daily attention to personal finances with confidence that a reliable strategy is at work on the employee’s behalf.”
Purchasing Power will work to add DoubleNet Pay's services to its current platform, which includes a free, holistic approach to financial education and best practices, including coaching, alternative credit reports and budgeting software, as well as educational modules for youth.
Purchasing Power’s anticipated launch date of the new program is the first quarter 2019, according to a news release.
"We are excited that the DoubleNet Pay platform will be able to help Purchasing Power's millions of eligible employees set proactive short-term savings goals and take care of monthly bill obligations automatically,” Brian Cosgray, founder and CEO of DoubleNet Pay, said. “We have known the Purchasing Power leadership team for many years and are impressed with its passion for helping to improve the financial well-being of their customers."
According to Crunchbase, DoubleNet Pay, founded in 2014, raised a total of $4M from venture capital firms and nonprofits.
Purchasing Power’s voluntary benefit program offers employees access to more than 60,000 products, including computers and tablets, electronics, home appliances, furniture and mattresses, vacation packages, automotive service contracts and tires, educational services and more.
