Merger creates leading payments provider with broad, global distribution channels and best-in-class product portfolio. Market focus will extend to small and mid-market businesses, SaaS integration, financial institutions and strategic association partnerships.
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.