Cartel Network Wins Equity Investor

The Chicago investment bank William Blair & Co. has taken an equity stake in Integrated Delivery Technologies Corp., the company behind the upstart Cartel Network.

Joseph E. Wolfson, the electronic banking pioneer who established Cartel less than two years ago, is marketing it to retailers as an alternative to bank-controlled regional and national card programs.

The William Blair investment was described only as "major equity financing," but Mr. Wolfson characterized it as "a significant partnership and vote of confidence" in his Buffalo-based venture.

The additional capital "will allow us to concentrate on our mission, which is to generate new products," he said.

Boosted by a prior alliance and equity agreement with Affiliated Computer Services of Dallas, Cartel has a potential nationwide reach of 10,500 terminals. It expects to add 35 financial institutions to the network by yearend.

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