The operation will carry an enhanced, innovative Payroc brand, offering full-service global merchant acquirer services and payments processing in 46 countries. The newly formed enterprise will service more than 55,000 merchants, processing $23 billion in annual bank card volume.
“It’s an exciting time for all of us joining together to create an industry leading global merchant acquirer, processor and payment facilitator,” said James Oberman, CEO of Payroc. “We are a unique and specialized full-service business, serving both the new world of integrated payments while continuing to support the traditional independent sales organization and agent channels here in North America and globally.”
Oberman will serve as the CEO of the combined company, and oversee more than 1,000 employees and independent payment professionals. Adam Bloomston, currently CEO for Payscape and NXGEN, will serve as president. The remainder of the executive team is comprised of the four principle merger partners.
Private equity firm Parthenon Capital sponsored the merger. “We are proud that after two very productive years of effort on this strategy, we’ve brought together four uniquely [complementary] companies and executive teams. The result is a foundational payments industry powerhouse with tremendous opportunity,” said Parthenon Capital Co-CEO Brian Golson.
Illinois-based Payroc is a privately held full-service payment processor founded in 2003, servicing over 30,000 clients, and processing over $10 billion in annual card volume.
“We’re building something unique, impressive and meaningful. Adding Payroc to the mix is a formative next step in our strategic efforts,” said Bloomston. “We are extremely excited about the combination. We are pleased to have Jim lead us into the future, given his tremendous experience and reputation in payments.”
Financial terms of the private transaction were not disclosed.
NXGEN and Payscape merged in May in a deal also backed by Parthenon Capital. The new enterprise continued operating under both company names.