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Network Merchants Partners with Former Accelerated Payment Technology Executives and Receives Growth Equity Investment from Great Hill Partners
|By Business Wire
|May 6, 2014 06:00 AM EDT
Network Merchants (“NMI”), a leading provider of e-commerce payment
gateways and value-added services, has added payment gateway and
integrated payments veterans Roy Banks and Kyle Pexton as CEO and CFO,
Banks and Pexton most recently served as CEO and CFO at Accelerated
Payment Technologies (“APT”), an integrated payment service provider,
and previously led Authorize.Net from startup to the leading domestic
payment gateway. The team was brought in to reinforce and strengthen
NMI’s position as a leading provider of e-commerce payment gateways and
value-added services, distributed exclusively through a channel of over
400 affiliate partners that serve more than 60,000 merchants worldwide.
The company’s broad network of integrations includes many of the leading
software applications, over 110 payment processing networks, and nearly
120 different third-party shopping carts.
“We are excited to add Roy and Kyle to the NMI leadership team. With
their deep payment gateway and integrated payments experience, we look
forward to them furthering our strategy of transforming the payment
gateway industry and enhancing our platform and services for our valued
affiliate partners,” said NMI co-founder Jim McKenzie.
“Unlike other payment gateways that compete with their channel partners,
NMI has built a successful business providing enabling technologies to
ISOs, VARs, and ISVs wanting to provide their own self-branded payment
gateway services. NMI respects and values the relationship it has with
its affiliate partners and is focused on delivering innovative, secure,
and reliable white label payment gateway services. We are excited to
work with the talented team at NMI and look forward to both redefining
the payment gateway market and taking advantage of the growth in
e-commerce, mobile payments, and integrated payments,” said Banks.
Founders Jim McKenzie and Ted Cucci will continue to serve as investors
and advisors to the company. Great Hill Partners joins existing
investors Bregal Sagemount and the NMI Founders. Jim McKenzie continues
as chairman of the Board of Directors at NMI.
Financial Technology Partners LP and FTP Securities LLC (together, “FT
Partners”) served as exclusive advisor to Network Merchants.
About Network Merchants
Since 2001, Network Merchants has built e-commerce payment gateways for
companies that want to process online transactions in real-time anywhere
in the world. With an exceptional team of software engineers, Network
Merchants creates, maintains, and delivers a substantial suite of
payment solutions through a partner-centric distribution channel.
The company integrates and works exclusively with financial
institutions, merchant acquirers, payment processors, ISOs, MSPs, and
VARs, as well as developers of software, Internet, and mobile
applications. With an easy to integrate transparent and private-label
program, Affiliate Partners maintain their own look and feel while
providing merchants with efficient and secure payment processing
Network Merchants’ open-architectural design allows Affiliate Partners
to earn substantial residuals without competition from the gateway. This
non-compete commitment makes Network Merchants the clear choice for
companies in the acquiring business.
For more information, please see www.nmi.com.
About Bregal Sagemount
Bregal Sagemount is a growth-focused private equity firm with $500
million in committed capital. Bregal Sagemount makes investments of $15
million to $150 million in market leaders in high-growth industries.
For more information, please see www.bregalsagemount.com.
About Great Hill Partners
Great Hill Partners, a Boston-based private equity firm, manages more
than $3.0 billion in capital. Focusing exclusively on software and
service providers in growth sectors, Great Hill targets the financial
technology, business services, software, media and communications
industries. Great Hill makes investments of $25 million to $150 million.
For more information, please see www.greathillpartners.com.
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