"As a technology provider powering major banks and credit card processors, we continue to develop and deliver seamless, secure, paper-free services." said Transactis' Chairman/CEO Joe Proto. "StarVest is the ideal investor because they are committed to our vision of providing financial institutions, merchants and their customers with innovative and cost-effective electronic solutions. Additionally, StarVest has extensive experience and an impressive track record investing in Software-as-a-Service (SaaS) technology models."

Joe Proto added, "The funding comes at an opportune time, just three months after our acquisition of OfferIQ (a Metamorphic Ventures portfolio company) which expanded our solution set to include paperless couponing and digital loyalty products for retailers of all sizes. Transactis continues to lead the paradigm shift from traditional paper-based bills/payments/offers to secure, virtual financial transactions."

"StarVest is excited about Transactis because of the people, progress and enormous potential of the company's value proposition in the marketplace," commented Larry Bettino, StarVest General Partner. "Transactis represents all the key elements that StarVest looks for in an investment and is at the forefront of eCommerce and Internet Marketing Services."

Larry Bettino joins the Board of Directors and current members of executive management including Paul M. Harkins, formally founder and CEO of Instream Media, Scott Cruickshank, formerly President and COO of CyberSource, Marc Michel of Metamorphic Ventures, Howard Aiken of Vermont Information Processing and independent director John Eyler, formerly CEO of Toys "R" Us and FAO Schwartz.