A California-based company that helps businesses process credit card transactions has sold off its software division, renamed itself and is moving into new headquarters in Pleasant Grove.

Accelerated Payments Technologies is scheduled to open its new Utah County office July 1. Once in place, it plans to have 60 people on staff and predicts it will keep expanding its work force as its sales revenue grows.

"That business has just grown," said CEO Roy Banks. "It's a highly profitable growth business for us. That's where we're spending 100 percent of our time and 100 percent of our investment."

Previously, the company was named CAM Commerce, with headquarters in Fountain Valley, Calif. But Banks said he and CFO Kyle Pexton, who both live here, believed that Utah was a better location.

"Realizing we were on the path to do some strategic things with the business, we shared very early on with our private equity firm the desire to grow the business in Utah and take advantage of all the assets Utah has to offer," said Banks.

Banks, 43, was born in the Netherlands, where his father was stationed with the U.S. Air Force. After a stint in the Navy, he came to Utah in 1992, where he learned software programming. He received a degree in business administration from Utah Valley State College (now university) while working for WordPerfect and Novell.

After holding posts at other software companies, Banks went to work for Authorize.Net and rose to president. In 2007, he directed the sale of Authorize.Net to Cybersource Corp. for $660 million.

Banks joined the private equity firm of Great Hill Partners of Boston. Great Hill bought CAM Commerce and took the publicly traded company private, installing Banks as CEO, a position he has held for 18 months. The company's software division did not fit well into the company's growth plans and was sold in March to Robertson Piper Software Group.

Now, with a new name and headquarters, the company is focusing on its core strength, with big plans to expand.

Accelerated Payments Technologies will focus on its core market of integrating its payment systems and services into software programs that manage businesses. Banks gave the example of a veterinarian office: The company's software allows the user to schedule appointments, do billing and keep records.

Into that, Accelerated offers software and services that would process credit card and electronic check payments for that office.

But beyond that aspect, Banks said, Accelerated also offers to take on the burden of meeting security requirements to safeguard customers' credit card numbers and other financial data. Accelerated stores the data in its computers, relieving customers of possibly expensive security measures.

tharvey@sltrib.com —

New headquarters, at a glance

The company's new headquarters in Pleasant Grove occupies 10,500 square feet. Three employees are moving from California, but the company is hiring the rest here, hoping to expand from the current 14 workers to 60 by the time of the move into new offices at 2436 W. 700 South, Pleasant Grove.