According to a news release, STX employees will continue day-to-day operations “as the partnership develops further.”
Financial terms were not disclosed.
“We’re pleased to join the Fintech team,” STX co-founder Jon Thompson said. “Their success and leadership in the industry will provide exceptional support as we continue to grow our products and services. STX was built from a desire to provide support and insight to businesses within the complex alcohol industry, and partnering with Fintech allows us to expand our reach.”
Thompson and Amber Muehlbach started STX in October 2017. The company’s cloud-based software platform consolidates millions of information points into Microsoft’s business intelligence package, called Power BI. Users can import raw data and create reports and dashboards by using its drag-and-drop functionality.
STX markets the product to vendors — primarily in the adult beverage category — to help them better manage their sales data with large retailers.
“By blending STX’s powerful BI tools with Fintech’s industry-leading data platform, we will have the ability to seamlessly expand our offerings across the three-tier system, making operating within the alcohol industry easier while driving higher returns for our clients,” Muehlbach said.
Fintech was founded in 1991 and provides invoicing, electronic payment, CRM, data and analytics solutions to beverage alcohol retailers, distributors and suppliers. The company services over 150,000 retailers, 4,000 distributors and 300 suppliers and processes over $38 billion in invoices annually.
“We are excited to add the STX team and their years of retail and data experience to continue to grow Fintech’s position as the preeminent supplier of data and technology to the alcohol industry,” said Fintech CEO Tad Phelps. “The STX product suite will strengthen our industry-leading offerings in the beverage alcohol marketplace.”
For more on STX Business Solutions, the Northwest Arkansas Business Journal published this company profile in July 2019.