NMI, a leading provider of payments enablement technology for ISOs, VARs, ISVs and payment facilitators, today announced a substantial investment in the company from Francisco Partners, a global technology-focused private equity fund. The majority investment will provide NMI with new capital to drive product innovation and expansion of its enablement capabilities. As part of this transaction, existing investor Bregal Sagemount will be exiting its investment in the company and existing investor Great Hill Partners will remain a significant shareholder.
NMI has grown substantially in recent years as ISOs, VARs, ISVs and payment facilitators increasingly demand white label payment gateways and other enablement solutions. The new capital from Francisco Partners will allow NMI to continue to expand its core capabilities and customer service levels.
“We are extremely excited to announce this growth investment from Francisco Partners,” commented Roy Banks, CEO of NMI. “We look forward to investing heavily in the platform in the coming years and working closely with the Francisco Partners team to continue to build a world class company.”
“NMI enables critical payment functionality for over 1,000 affiliates and 100,000 merchants,” commented Peter Christodoulo, Partner at Francisco Partners. “The NMI team, led by CEO Roy Banks, CFO Kyle Pexton, CTO Matt Schmidgall, VP of Product Nick Starai and SVP of Business Development Rich Swiderski have created an outstanding payments platform, and we are excited to partner with them through NMI’s next stage of reinvestment and growth.”
As part of the transaction, Bregal Sagemount will be exiting its investment in NMI. Gene Yoon, Managing Partner at Bregal Sagemount commented, “We have enjoyed working with NMI's founders and management team in true partnership to build NMI into one of the most dynamic payments companies. We are confident the management team, as well as the new and ongoing shareholders, will continue to accomplish great things with the business.”
Existing investor Great Hill Partners will continue to be a major shareholder with Board representation. “We are thrilled to continue our partnership with the NMI team and work with Francisco Partners to support the company's growth plans,” commented Matt Vettel, Partner at Great Hill Partners.
*Transaction completed by WHA professional while at previous firm.