Established
in 1998, CheckAGAIN uses automated clearinghouse (ACH) transactions
to electronically re-present returned checks, primarily for major
retailers. The company has developed a proprietary system for
electronically recovering checks that were returned because of
insufficient funds. With CheckAGAIN's services, businesses are
able to increase their recovery on return checks, while lowering
associated transaction fees. CheckAGAIN assists consumers by significantly
reducing inconveniences normally associated with resolving misunderstandings
due to returned checks. CheckAGAIN retained WWC Securities, LLC
as placement agent to raise capital so that it could repurchase
interests from certain shareholders and to provide growth capital
for continued expansion. WWC was retained as sell the Company
because of the firm’s ability to run a highly efficient
transaction process and target the appropriate capital providers.
CheckAGAIN issued $5 million of subordinated debt with warrants
to Patriot Capital and Seacoast Capital both of which are SBIC
backed subordinated debt funds. WWC Securities, LLC acted as placement
agent and financial advisor to CheckAGAIN in connection with the
transaction.
