Nxgen, which is backed by Parthenon Capital Partners, has acquired Kentucky-based payments firm Payments Plus Inc. No financial terms were disclosed.
PADUCAH, KY. AND WHITEFISH, MONT. (PRWEB) MAY 20, 2019
NXGEN International has acquired Kentucky-based payments firm Payment Plus Inc. (PPI). Through the acquisition, PPI’s current and future customers will gain immeasurably from NXGEN’s expansive suite of integrated product offerings, software and services, and the latest in mobile payment technology and smart terminals. Tammy Zimmerman, President and CEO of PPI, will continue to grow the business for NXGEN in Kentucky and the Midwest and PPI’s customers and partners will continue to enjoy the high-level of service and support that they are accustomed to receiving from PPI.
The opportunity to become part of NXGEN International started several years ago as a creative conversation about distribution, integration, technology and growth with Tom Nitopi, NXGEN’s founder and Vice Chairman. As the discussions continued over many months; it became clear that the time was right and NXGEN International was the right team. Tom Nitopi commented “I have known and admired PPI for its growth and commitment to excellence in its relationships with merchants, partners and the community. This acquisition enables NXGEN to continue to grow and expand its footprint in to new areas.”
“There were many similarities in how NXGEN and PPI worked to ensure their customers’ and partners’ success”, stated Tammy Zimmerman, PPI’s President & CEO. “Those synergies made the idea of joining forces with a global business like NXGEN the obvious next step for PPI and we are excitedly looking forward to bringing a wider array of cutting-edge products to our customers. The team we are joining at NXGEN is highly respected in the payments industry and committed to growth.”
The transaction with PPI marks NXGEN’s third transaction completed since partnering with Parthenon Capital Partners in December 2018, and NXGEN continues to have substantial interest in further merger and acquisition opportunities within the payments and payments-related software categories.
NXGEN International is the largest global Merchant Service Provider (MSP) serving over 20,000 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.
Earlier this month, NXGEN International and Payscape of Atlanta, GA merged to create additional advantages and products. The combined entity will offer a complementary suite of financial technology capabilities, aligned to meet their clients emerging needs. From SaaS-based products such as surcharging, invoicing, event registration and ecommerce software to tablet-based point of sale systems, mobile payment technology, smart terminals, and website development the combined company is positioned to offer best-in-class technology solutions on a global basis.
For more information about either organization, please visit: http://www.nxgen.com or http://www.payscape.com.
About Payment Plus, Inc.
Payment Plus, Inc., was founded in 1999, and led by Tammy Zimmerman who was a co-founder of NOVA Information Systems, Inc. in Atlanta, GA. – now known as Elavon. Her dynamic leadership has guided the PPI team and its’ merchant customer base expansion into 30 States. PPI has grown through the utilization of API integration, merchant focused payment solutions and their problem-solving expertise.
Through the years, PPI has been well regarded by employers and clients alike for their customer-centric mindset. That philosophy remains the cornerstone today in every aspect of Payment Plus and its team, enabling them to maintain one of the highest client retention rates in the payment processing industry.
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.