NEW YORK & SAN FRANCISCO — Private equity firm Welsh, Carson, Anderson & Stowe (“WCAS”), has led a significant new capital investment in Revel Systems, a leading provider of cloud-based point of sale (“POS”) solutions using the iPad. WCAS made its initial investment in Revel in 2014, and following the transaction, WCAS will be Revel’s new majority shareholder.
WCAS and Revel also announced the appointment of Scott Betts as the Company’s new Chief Executive Officer. Mr. Betts brings significant experience in senior management roles, most recently as CEO of Global Cash Access, and previously at First Data Corporation and Procter & Gamble.
Eric J. Lee, General Partner at WCAS, commented: “During the past two years, Revel has driven significant product innovation, gained market traction in key industry verticals, recruited terrific talent to the Revel team, and demonstrated strong client traction and growth. Revel’s founders have shown great vision and determination in building the Company. Looking forward, we believe that there is significant market potential for Revel’s leading cloud-based POS solution, and WCAS is excited to fund and catalyze this next phase of Revel’s growth and success. As we do, we especially want to welcome Scott Betts as the Company’s new CEO. With deep technology solutions and global operations experience, he will bring terrific strategic and operational focus as we drive this next phase of growth.”
“Revel’s mission has always been to make business owners’ and operators’ lives easier and more efficient – spurring entrepreneurship and leading the industry with excellent features and functionality. Keeping customers and their success at the forefront will always be core to the organization,” said Lisa Falzone, co-founder of Revel Systems. “Revel is on a great trajectory. Lisa and I look forward to watching the company grow and evolve,” commented Chris Ciabarra, co-founder of Revel Systems.
“I am very excited to join the Revel team and continue Lisa’s and Chris’ great work in building and delivering an outstanding solution and superior business value to our clients,” said new CEO, Scott Betts.
The firm’s latest equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., has closed on over $3.3 billion in commitments.