BlueTarp Financial, a business-to-business credit services provider based in Portland, is being acquired by banking industry giant Capital One Financial Corp.
The companies announced the pending acquisition Friday, saying the deal is expected to close in the third quarter. Terms of the acquisition were not disclosed.
Founded in 1999, BlueTarp creates customized line-of-credit programs that retailers and wholesalers can offer to their commercial customers. The company has about 165 employees in Portland, and its client list includes national retailers such as Sears, Staples and Ace Hardware.
BlueTarp said its headquarters and staff will remain in Portland following the acquisition. Its president and CEO, Scott Simpson, said the acquisition by McLean, Virginia-based Capital One will allow the company to expand its operations.
“As an emerging leader in the business-to-business credit management industry, we were eager to identify a like-minded partner who could help us transform this sector on a much larger scale,” Simpson said in a news release. “We look forward to leveraging our fully developed trade credit technology platform and delivering significant value to Capital One’s existing and future partners.”
BlueTarp was created to provide customer credit programs for small companies in the building supply industry, but it has since diversified and taken on larger businesses as customers. It offers proprietary technology products that allow businesses and their customers greater flexibility.
For example, BlueTarp’s technology can be integrated into clients’ operations regardless of the software and hardware environment, clients can offer different payment terms to different customers, and customers can use online tools to manage their accounts or pay by check if they prefer to do things the old-fashioned way. Each program is branded with the client’s name as if it were an in-house service.
“BlueTarp offers a unified purchase-to-payment system and fosters strong banking relationships with large merchants and small- to medium-sized businesses alike,” Buck Stinson, senior vice president of card partnerships at Capital One, said in the release. “We are looking forward to integrating BlueTarp and its innovative technology and services into Capital One’s card partnerships business, enhancing our service capabilities for existing and future partners.”
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