We’re excited to share that Vistara Growth Fund IV portfolio company Reach, a Calgary-based Merchant of Record (MoR) software and payments solution provider, has secured a majority investment from Primus Capital, marking an exciting next chapter in its journey and a successful exit for Vistara.
In March 2022, Vistara partnered with Reach through a convertible debt investment, providing flexible, less dilutive capital to accelerate growth ahead of a valuation event. The management team sought the alignment and engagement of an institutional growth investor while maintaining optionality in their financing strategy. With our support, Reach advanced its product roadmap, expanded its customer base, and secured key partnerships with payment processors and eCommerce platforms.
The convertible structure allowed Reach to explore a broader range of strategic and growth financing alternatives. As the company evaluated its options, it became clear that a majority transaction—rather than a traditional minority growth round—would best serve both longstanding shareholders and the management team. By postponing pricing their equity, Reach optimized its position ahead of transaction, and secured an outcome that delivered maximum shareholder liquidity and new growth capital from Primus for the next phase of expansion.
“Vistara Growth was proud to be the sole institutional backer of this under-the-radar e-commerce and embedded payments leader from my hometown of Calgary,” said Noah Shipman, Partner at Vistara Growth. “With a flexible convertible structure and support from local investors, Reach secured the funding needed to pursue a big opportunity despite a tough 2022 market. CEO Sam Ranieri and his team executed with discipline, modernizing the tech stack, expanding integrations, and driving nearly 100% YoY GMV growth in Q4. While bittersweet to exit, Reach is well-positioned for its next chapter with Primus Capital.”
We are proud to have played a role in Reach’s journey and look forward to seeing the company continue to scale under its new partnership.
Hear from Reach CEO, Sam Ranieri, on his journey with Vistara:
Reach Secures Major Investment to Accelerate Its Global Expansion and Fuel Enterprise Merchant Growth
Backed by a Significant Investment From Primus Capital, Reach is Positioned to Deliver on Its Ambitious Growth Trajectory in 2025
CALGARY, ALBERTA, CANADA – February 20, 2025 – Reach, a leading global Merchant of Record (MoR) solution, is proud to announce a strategic investment from Primus Capital that will help the company scale its operations, accelerate its aggressive product roadmap, and augment its existing world-leading payments, tax compliance, and fraud protection solutions for retail and SaaS businesses worldwide.
Annual Gross Merchandise Volume (GMV) for Reach grew 95% year-over-year in Q4 2024 and the organization is primed to extend its leadership in the enterprise MoR market. The investment by Primus Capital will primarily be used to enhance support for enterprise businesses, further develop its ecommerce product mix, and expand its existing global entity network into additional in-demand markets.
“We’re thrilled to have Primus as a strategic partner as we continue to scale our solution for global merchants,” said Sam Ranieri, CEO of Reach. “This investment will allow us to strengthen our infrastructure, expand our international coverage, and empower our clients to unlock new markets and optimize cross-border operations with ease.”
According to Ron Hess, Managing Director at Primus Capital, investing in Reach came down to a strong belief in the company’s value. “We’ve built a relationship with Sam and his team over the past few years and have witnessed the return on investment realized by Reach’s customers. The company’s impressive growth is driven by its innovative approach to solving the pain points of global expansion for retail and digital businesses. This investment will help fuel the company’s efforts to continue delivering unparalleled value to enterprise customers in the face of the challenges of a globalized marketplace.” Mr. Hess said.
As a byproduct of this partnership, Reach is investing in new technology infrastructure and augmenting its team to support its evolving and rapidly-growing customer base, while concurrently developing its ecommerce product suite. The company’s expansion will further simplify cross-border transactions for its clients, which empowers businesses to focus on innovation while Reach handles the complexities of payments, tax, and fraud mitigation at scale.
Leveraging a Merchant of Record is essential for mid-market and enterprise businesses already active in cross-border ecommerce who need to unlock new levels of efficiency, revenue, and international performance. As businesses scale globally, managing local tax regulations and staying compliant with fluctuating tariffs and legal requirements becomes increasingly complex. An MoR simplifies this process by automating tax calculations and ensuring compliance across multiple markets, with much faster time to market than going alone.
“Given the current uncertainty surrounding international trade and cross-border sales, it’s critical for us to provide the most simple, robust, and complete global solution for our clients.” Mr. Ranieri said. “The investment from Primus will help us strengthen our position as a world leader in ecommerce, while continuing to find innovative ways for our clients to navigate the complex financial and regulatory borders standing between them and their customers.”
RBC Capital Markets acted as the exclusive financial advisor to Reach on the transaction, and Osler, Hoskin & Harcourt LLP and Taft Law acted as legal advisors. Goodwin Procter LLP acted as legal adviser to Primus
About Reach
Reach is the leading Merchant of Record (MoR) solution designed for mid-market and enterprise ecommerce retailers and SaaS businesses. Reach allows businesses to effortlessly activate global capabilities within the platforms they already use, optimizing payments, fraud prevention, tax compliance, and localized customer experiences – all with no new systems or complex integrations. Businesses can easily activate powerful global features, streamlining cross-border operations and reducing costs. Trusted by global brands, Reach helps improve transaction approval rates and unlock the full potential of existing systems, enabling businesses to scale internationally with ease.
About Vistara Growth
Vistara Growth provides highly flexible growth debt and equity solutions to leading technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling growth for the ambitious entrepreneurs we invest in, our investors, our people, and the communities we operate in. For more information, visit vistaragrowth.com
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