PayLease Names Former First Data CEO Charles Fote to Board of Directors
SAN DIEGO, CA, Nov. 28, 2012 —PayLease LLC, a leading provider of electronic rent payment services for the property management industry, today announced that former First Data Corp. Chairman and Chief Executive, Charles T. Fote, joined the company’s board of directors.
Fote, who is currently the CEO of Colorado-based Fotec Group LLC, will lend his extensive payments industry expertise to aid in the firm’s continued growth and expansion. His appointment signifies the firm’s increasing prominence in the payments and property management industries.
Fote retired from First Data, the country’s largest processor of credit and debit card transactions, in 2005. Three years ago, he helped form Fotec, a new venture that is evaluating and acquiring brands in the payments industry to create an integrated, multimarket, global transaction-processing company. Fote is also the chairman of the board at Accretive Technologies Inc. and a Payfone director. In addition, he heads the Fote Family Foundation and is a board member of Project C.U.R.E., a nonprofit, humanitarian relief organization.
“Charlie Fote is a world-renowned leader in electronic payments, and we are thrilled to welcome him to the PayLease board,” said Dave Dutch, PayLease CEO. “We look forward to his counsel and support as we launch new growth strategies and build on PayLease’s leading industry position,” he added.
PayLease is a portfolio company of San Francisco-based private equity firm, Mainsail Partners. “We have a great appreciation for the value an industry leader like Charlie brings to a board of directors,” said Gavin Turner, Managing Partner of Mainsail Partners. “Charlie’s experience building a very large business in the payments space is extremely relevant and we are excited to have him join the board.”
“PayLease has carved out a lucrative and important business within the property management industry,” said Fote. “I look forward to helping Dave and his team expand the company’s footprint and implement business practices to further scale the company,” he added.
PayLease (www.paylease.com) is a leading provider of online-payments software for the property management industry, targeting the multifamily, single-family, HOA and commercial markets. PayLease provides property managers the ability to accept and manage rent and HOA payments through a secure online interface. With PayLease, residents are able to pay their property manager using an e-check or with a credit card. Since its founding in 2003, PayLease has grown to serve thousands of property management companies nationwide and is among the fastest-growing technology companies in the United States.
About Mainsail Partners
Mainsail Partners is a leading private equity firm focused on investments in growing, profitable and “bootstrapped” companies. Mainsail has raised over $350 million in committed capital from leading institutions, endowments, executives and entrepreneurs. The firm’s hands-on approach and extensive company-building experience positions Mainsail as a uniquely valuable partner for founders and management teams of bootstrapped companies. For more information, please visit www.mainsailpartners.com.
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