Sightline Payments on Wednesday said it has received a strategic investment from Searchlight Capital Partners, and the company simultaneously announced a change in the corner office.
Sightline, a Las Vegas-based financial technology company that provides cashless, mobile, and omni-channel commerce solutions for the gaming, lottery, sports betting and other industries, said the infusion of capital by the global private investment firm Searchlight Capital Partners, a renowned global private investment firm with over $8 billion in assets under management, establishes a valuation of $525 million for Sightline.
With sports betting now legal in 25 states – and potentially more to follow – Sightline said it is “poised for significant growth.” The company said it provides services to the top 10 sports betting and gaming operators in the US, and its Play+ cashless solution has nearly 1.5 million enrolled accounts.
The company expects Play+ to blossom, as it can be used for igaming, mobile sports betting, horse racing and lotteries, “all forms of entertainment that are experiencing significant growth.”
Kirk Sanford, Sightline’s co-founder and CEO, said he is retiring from that post and resigning from the company’s board of directors. Sightline immediately named Joe Pappano, who it described as a 30-year fintech, payments and gaming industry veteran, as its new CEO.
Pappano also will serve as a director.
“Sightline is undergoing an exciting and important transformation and Joe will be an incredible leader, a fierce customer advocate, and is an industry powerhouse. I am confident in his ability to deliver truly phenomenal business performance,” Sanford said in a statement.