Fullsteam Acquires Rental Management Inc.
David G. Richards Named President of Rental Management Inc.
NEW YORK – May 29, 2018 – Fullsteam, a holding company acquiring software and payments businesses across a range of vertical markets with an aim to increase growth and profitability through more efficient payments, capital investment and operational support, announced today the acquisition of equipment rental management software platform Rental Management Inc. (RMI). RMI is Fullsteam’s first acquisition in the equipment rental technology market. No financial terms were disclosed.
Founded by Paul R. Chapdelaine in 1982, RMI is one of the leading providers in its industry, with loyal customer relationships, sophisticated technology, and a flexible platform that caters to industrial, medical, and logistics equipment rental businesses. Fullsteam has developed a strategy to help improve the credit card processing capabilities of RMI, and help its new leadership increase its revenue growth and product offering.
Michael Lawler, CEO of Fullsteam, stated, “RMI embodies our focus here at Fullsteam, and we’re excited to work with David and the RMI team to build upon the outstanding foundation they’ve created.”
As a part of the transaction, David G. Richards has been named President of RMI. Mr. Richards has been with the company for 14 years, and was selected to lead RMI after Paul’s departure because of his proven leadership, technology expertise, and relationship with customers. “I look forward to the years ahead with RMI,” said Mr. Richards. “With Fullsteam’s support, and the strategic initiatives we plan on implementing, I believe RMI will continue to increase its revenue growth and drive profitability.”
Aquiline Capital Partners, a New York-based private equity firm investing in financial services and technology, recently announced the launch of Fullsteam and has earmarked significant resources for to support the platform’s strategy to acquire software and payments businesses.
About Fullsteam LLC
Fullsteam is a leading software and payments company headquartered in Auburn, AL. Fullsteam acquires companies and provides them with streamlined payments infrastructure and operational support in order to increase growth and improve profitability. Fullsteam is actively seeking further acquisitions across multiple software verticals.
About Rental Management Inc.
RMI Software is a leading provider of business management software for the equipment rental and sales industry. RMI was founded in 1982 in Avon, CT, and since then has been committed to building reliable, advanced technology and dedicated to providing first class service to its customers. Today, the company primarily helps its customers lease and sell trailers, containers, medical equipment, and industrial equipment.