Priority Payment Systems and Cynergy Data Announce Merger
ALPHARETTA, GA., May 28, 2014 (GLOBE NEWSWIRE) -- Priority Payment Systems and Cynergy Data have executed a definitive agreement to merge their respective merchant acquiring platforms, creating Priority Holdings, LLC. Under the terms of the transaction John V. Priore will continue in his present role as President and CEO of Priority while former Cynergy CEO, Afshin Yazdian, will assume the role of Executive Director overseeing the business integration effort and other strategic initiatives. Financial terms of the transaction were not disclosed.
Upon closing, Priority will own a merchant portfolio that exceeds 125,000 merchants conducting over $20 billion in annual credit card transactions diversified across both the First Data and TSYS platforms. "We believe that the combined strength of our proprietary products, merchant portfolio management technology, and multi-platform on-boarding capability establishes Priority Payments as the premiere service provider to the agent and ISO community," noted CEO, John V. Priore.
Importantly, Comvest Partners, a leading lower middle market Private Equity firm and owner of Cynergy Data, will maintain its full equity investment in the combined company. The increased financial resources and enhanced operating efficiencies created through the merger positions Priority for continued industry leading growth.
According to Thomas Priore, Chairman of the combined company, "the transaction is another step in the evolution of Priority's global electronic payments platform that will not only enhance our core Agent and ISO offerings but further develop our market leading B2B payments solutions and industry specific payment products for healthcare and education. Adding to our long standing relationship with Goldman, a strong financial sponsor like Comvest positions the company to continue to create value through strategic acquisitions". Priority also recently established a proprietary ACH platform to round out its electronic payment offering.
Comvest Founder and Managing Partner, Michael Falk, added, "Priority's leadership has done an outstanding job building a first class merchant processor. Through technology leadership and solid financial backing, we believe the combined company is ideally positioned to achieve rapid growth.
We look forward to working actively with the team on future acquisitions". In conjunction with the transaction, Goldman Sachs will continue to provide financing to Priority.
About Priority Payment Systems:
Since its inception in 2005, Priority Payment Systems has established itself as a leading innovator in the electronic payment processing industry. Priority's electronic payment processing technology is the clear choice for merchants. The combination of "consumer inspired" products, first class service and competitive pricing has made Priority Payment Systems the high value partner for Independent Sales Organizations (ISOs), Banks and Financial Institutions, Enterprise Organizations and referral partnerships nationwide.
Priority Payment Systems unique transaction platform supports both business-to-consumer and business-to-business transactions. The Electronic Transaction Association (ETA) awarded Priority the ISO of the Year for 2013.
About Cynergy Data:
Cynergy Data, with offices in New York City, Atlanta, GA and Melville, NY, is one of the foremost payment services providers in the United States. Cynergy is dedicated to providing the operational support and services merchant acquiring agents and ISOs need to compete, allowing them to focus on selling in the marketplace. Using its industry lauded, portfolio management tool VIMAS, Cynergy is able to deliver rapid turnaround in application approval, robust processing services and information, compliance services, residual accounting and highly rated, experienced customer care.
About Comvest Partners:
Comvest Partners, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.9 billion of capital in over 130 public and private companies. Please visit www.comvest.com
CONTACT: Dobbin Prezzano VP Marketing & Product Development Priority Payment Systems Phone 844.714.8687 email@example.comSource: Priority Payment Systems