Fidelity Ventures Acquires Online Collection Software Firm eCredit

Fidelity Ventures, which invests in and works with technology companies at the go-to-market stage, today announced it has acquired Dedham, MA-based eCredit, a privately-held provider of online solutions for commercial credit and collections professionals. Financial terms of the acquisition were not disclosed.

Fidelity Ventures also announced an $11 million investment of growth capital in eCredit, and appointed former Seisint executive Jim Swift as eCredit’s president and chief executive officer. In addition, Larry Cheng, Fidelity Ventures principal, and Anne Mitchell, Fidelity Ventures partner, have joined the company’s Board of Directors.

eCredit’s latest round of financing will be used to help the company continue to strengthen its enterprise software solutions for large organizations, as well as to build a broader solution that will improve credit decisioning and analytics capabilities for companies of all sizes.

"eCredit is a great example of Fidelity Ventures’ expanded investment focus in the financial services sector and is the type of growing company we seek to invest in," said Fidelity Ventures’ Cheng. "We believe eCredit is well-positioned to elevate its leadership position in the credit management market for enterprises, as well as to realize new market opportunities through enhanced workflow automation, information and analytics offerings."

Jim Swift Appointed CEO

Swift comes to eCredit from Fidelity Ventures, where he was a venture partner. Prior to that, he was a founder and senior executive at Seisint, acquired by LexisNexis in 2004. While at LexisNexis, Swift served as chief operating officer of LexisNexis Risk Management. As COO, Swift was responsible for the company’s commercial markets. LexisNexis’ $775 million acquisition of Seisint was the largest acquisition of a venture-backed company in 2004.

"I am excited to be joining eCredit and very enthusiastic about the prospects for the company," said Swift. "Working together with my management team and board, I am committed to continuing to deliver eCredit’s market-leading credit and collections software and information services, as well as expanding the scope of our products and services."