ELIZABETHTOWN, Ky. – iPay Technologies, a provider of electronic bill payment services to credit unions and banks, announced yesterday that two private equity funds, Bain Capital Ventures and Spectrum Equity Investors, have acquired control of the company in exchange for an undisclosed capital infusion. A spokesperson for the company would not disclose the terms of the deal, but that iPay founders Dane Bowers and Michael Bowers will retain a stake in the company and continue to serve on its board. Investment bank William Blair & Co. advised iPay on the deal. Debt financing was provided by CIT Lending Services.
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