Southridge Capital has made a 10 million dollar equity purchase agreement with a company known as Elayaway. It was announced by Chairman Steven Hicks who is also the ceo of Southridge Capital, now called Southridge Partners II. The Elayaway hit the market in 2006. They are the parent company to a business called DivvyTech, Inc. They are a technology and brand management company. Elayaway was formed to assist many consumers as a payment platform that has 300 merchants and impressive partnerships. The businesses payment application gives retailers the opportunity to increase customer bases. This could be in the form of a tracking less creditworthy shoppers and giving them a payment plan that is flexible and matches with their budget.
Elayaway.com has since shared on the market a layaway plan that involves processing and managing specifically for online and for much smaller brick-and-mortar retailers. This has allowed consumers and as well as businesses to begin making larger or smaller purchases. Revenue is primarily created through a setup fee and a regular monthly transaction expense that passes on to the retailer. From that point, the end consumer pays a small fee depending on how much they bought. You can visit bizjournals.com
Steven M Hicks continues to lead as a Chief Executive Officer and also the founding principle of Southridge Partners II. He has been very instrumental in setting the strategic direction for the company and has a responsibility to its execution and business development. The corporation itself was founded in 1986 and has remained in the market leading in the investment industry for nearly three decades. Hicks brings a vast amount of experience and knowledge when it comes to financial structuring, risk arbitrage, derivatives and investment banking.
Hicks got the idea for Southridge Capital when it came to him at the time he worked at a small New York hedge fund. The main principle of the business decided to head back to Australia. At this point, Hicks gathered himself and began to realize he could take on the hedge fund himself. It was at this moment he was given the green light to start Southridge while still working for the New York hedge fund.