ATLANTA, May 2, 2019 /PRNewswire-PRWeb/ -- NXGEN
International and Payscape, two premier payments companies
announced their merger today. The merger will provide the
opportunity for NXGEN International and Payscape to combine global
resources and expertise to best serve their clients. As a result of
the partnership, the fintech company will operate in 75 countries
and process over $10 billion in
payment volume annually, for over 20,000 merchants.
Together, NXGEN and Payscape will offer a complementary suite of
financial technology capabilities, aligned to meet their clients
emerging needs. From SaaS-based products such as surcharging,
invoicing, registration and ecommerce software to tablet-based
point of sale systems, mobile payment technology and smart
terminals, the combined company is positioned to offer
best-in-class technology solutions on a global basis.
"This merger represents the next logical step in NXGEN's growth
and expansion" commented Tom Nitopi,
NXGEN's founder and Vice Chairman of the combined company. "I have
long admired Payscape for its market leading position, proprietary
software products and commitment to excellence in its relationships
with both merchants and employees." Jeremy
Wing, Payscape's Co-Founder and Chairman will serve
alongside Nitopi as Vice Chairman of the combined
entity.
"Tom and the incredible team at NXGEN have accomplished so much
over the years," said Payscape co-founder, Adam Bloomston, who will lead the combined
company as CEO. "The strategic and cultural fit between our two
teams, allow us to integrate seamlessly and provide our customers
with exceptional products and service. We look forward to working
together to continue to deliver industry-leading fintech solutions
to our customers and partners."
"Combining Payscape's integrated solutions with NXGEN's sales
channels and enabling software developers, resellers and
integrators to deploy their solutions in 75 countries, makes the
resulting company an unique player in the fintech world," expressed
Giuseppe Caltabiano, President of
the International Business. "We are the leader in the space, able
to provide both Card-Present and Card-Not-Present solutions on a
large geographical footprint."
Brian Golson, Co-CEO and Managing
Partner at Parthenon Capital said, "We are thrilled to partner with
Adam, Jeremy, Tom and the combined NXGEN / Payscape team to
aggressively grow. This company has tremendous potential."
Zach Sadek, a partner at
Parthenon Capital commented, "NXGEN and Payscape's combined
cultures, teams, products, technology and capabilities make them an
emerging leader in the payments space. Together, they will create a
fantastic home for further acquisitions."
SunTrust Robinson Humphrey served as the exclusive financial
adviser and Troutman Sanders LLP provided legal advice to Payscape
through the duration of the transaction. Kirkland & Ellis LLP
and Morris, Manning & Martin LLP provided legal advice to NXGEN
and Parthenon Capital.
About NXGEN
NXGEN International is the largest global Merchant Service
Provider (MSP) serving over 13,000 merchants in multiple countries.
NXGEN International has recorded double digit growth year after
year since opening its doors in 2002 and has grown to become the
largest MSP/Independent Sales Organization (ISO) in processing
volume. NXGEN International's global footprint covers 30 countries
and is poised to quickly expand.
Most recently, NXGEN International launched the World Access
program, the first unified sales program enabling other MSPs, ISOs
and independent sales agents to sell globally in 75 countries and
be paid in their home country. NXGEN is also the 2018 SBA Montana
Small Business Exporter of the Year, 2017 recipient of the
prestigious Elavon Arch Award, and ETA ISO of the Year in 2016
About Payscape
Founded in 2004, Payscape is a premier financial technology
company providing payment solutions to a network of 11K+ small and
medium-sized merchants across retail, professional services,
organizations, hospitality, and other attractive end-markets. They
are intent on disrupting the commoditized payment landscape with
cutting-edge products and services, universal API integration,
best-in-class customer service, and strategic referral and
technology partnerships. Payscape supports over $2.4BN of annual volume through processing
services as well as proprietary software for online invoicing,
event registration, and virtual shopping carts.
http://www.payscape.com.
About Parthenon Capital
Parthenon Capital is a leading mid-market private equity firm
with offices in Boston,
San Francisco and Austin. Parthenon utilizes niche industry
expertise and a deep execution team to invest in growth companies
in service and technology industries. Parthenon seeks to be an
active and aligned partner to management, either through
recapitalization transactions or by backing new executives.
Parthenon has particular expertise in financial and insurance
services, healthcare and business services, but seeks any service,
technology or delivery business with a strong value proposition and
proprietary know-how. For more information, please visit
http://www.parthenoncapitalpartners.com.
SOURCE Parthenon Capital