Network Merchants Partners with Former Accelerated Payment Technology Executives and Receives Growth Equity Investment from Great Hill Partners
ROSELLE, Ill., May 6, 2014-- 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, respectively.
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 solutions.
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.
Kelly Holman, 212-520-1385, Ext. 4
Venture Capital Database