West Palm Beach, FL, May 2014: Comvest Partners (“Comvest”) is pleased to announce that Comvest Investment Partners III (“Comvest III”) has completed the merger of portfolio company Cynergy Data (“Cynergy”) with Priority Payment Systems, LLC (“Priority Payments”), creating Priority Payments Systems Holdings, LLC. (“Priority”). The combination creates a top ten U.S. non bank merchant processor and the opportunity for significant cost and revenue synergies related to the increased processing volume of the combined entity. 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.
Upon closing, Priority will possess a merchant portfolio that exceeds 120 thousand merchants conducting over $20BLN 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 Priore. “By combining our servicing and product development engines, we are uniquely positioned to respond to the needs of our reselling and merchant partners,” added Yazdian.
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”. Comvest Founder and Managing Partner, Michael Falk, added, “Priority Payment’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”.
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 a full service ISO, focused on providing the support and services the Company’s partners need to operate their business, in turn 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. For more information about Cynergy, or to find out how to partner with us, please visit us at www.cynergydata.com.
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 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.