Spectrum & Bain Recap iPay

iPay Technologies, an Elizabethtown, Ky.?based provider of Internet bill payment services to community financial institutions, has completed a recapitalization co-sponsored by Spectrum Equity Investors and Bain Capital Ventures. No financial terms were disclosed. William Blair & Co. advised iPay on the deal, while leveraged financing was provided by CIT Lending Services. www.ipaymybills.com