ATLANTA – 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.
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
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.parthenoncapital.com.