FortisPay Buys OmniFund to Boost AR Features

Payment technology company FortisPay, which works with businesses, independent software vendors and developers, has acquired OmniFund, according to an emailed press release on Tuesday (Sept. 14).

OmniFund works on cloud-based payments-as-a-platform solutions, leveraging it with software and enterprise resource planning (ERP) solutions. According to the release, the company’s payments-as-a-platform solution works with things like credit-card processing, SMS payment requests, recurring payments, mobile payments, a virtual terminal and more.

FortisPay’s acquisition of the company will allow FortisPay to expand its platform, offering new capabilities for accounts receivable (AR) and ERP initiatives, the release stated. The financial terms of the deal were not disclosed.

Both companies have been known for partnerships and acquisitions. While FortisPay has been on a spree of acquisitions of companies offering things such as payment facilitation and new verticals, OmniFund has been known to partner with finance companies, including in the fields of health care and finance.

FortisPay has also been expanding into Canada.

“This represents an exciting expansion of our platform,” said FortisPay CEO Greg Cohen. “OmniFund has developed a full technology stack with additional commerce enablement features that will make our unified offering unmatched in our target markets. The addition of Stacy and her team to our family is exciting as they share our passion for making software partners better through technology and amazing experiences.

Stacy Roderick, CEO of OmniFund, said the acquisition was fortuitous because FortisPay was currently expanding and “offers the market a truly modern, fully integrated commerce and payment facilitation experience, and OmniFund’s customized technology will further enhance their platform,” according to the release.

“Joining forces means the software partners and businesses of both entities will benefit from new solutions and innovation,” Roderick said, per the press release.

FortisPay also recently added a new CEO, chief financial officer and chief information officer to its roster. The CEO is Greg Cohen, previously the executive chairman of the company. Meanwhile, the CFO is finance professional Dennis McLaughlin, and the CIO is 20-year digital pay veteran Ashley Usher.

Read more: FortisPay Adds CEO, CFO, CIO to Lead Expansion