Payments Powerhouse Payroc Acquires Strategic Payment Systems
Payroc LLC and its affiliates (“Payroc”), a leading merchant acquirer and global payment processing organization, announced today that it has acquired Strategic Payment Systems, Inc. (“SPS”) Canton, MA.
Jon Stevens, the President of SPS shared “we have always been an aggressive and forward-looking payments company and we were looking for a partner with likeminded objectives. Payroc’s full-service payments technology and acquiring platform is ideally suited to navigate SPS into the high-growth world of integrated payments, payment facilitation and international processing, while delivering all our sales partners and merchants fundamental and reliable core payment processing solutions. Jon’s partner and co-founder Rick Pylant, CEO and past ETA Board Member and President continued, “the technology and product capabilities of Payroc of course checked all the boxes, but, it still comes down to people. Our long-term relationship with the Payroc team, especially Jim Oberman and Joe Natoli, goes back over 20 years. We have always valued our business relationship and friendship, and now look forward to being partners in our future success.”
“We are extremely excited to have SPS join our growing family that make up the new Payroc. Our strategy of combining technology that drives strong organic growth alongside smart strategic acquisitions makes SPS a perfect partner”, said Joe Natoli, EVP of Mergers and Acquisitions at Payroc.
Jim Oberman, President and CEO of Payroc stated "we have known and worked closely with the team at SPS for over two decades. They fit and complement our growth strategy perfectly and will leverage our differentiating payment technology, in-house processing capabilities, and experienced support team. I am looking forward to once again winning with the team at SPS.”
Payroc is backed by private equity firm Parthenon Capital who assisted Payroc in completing this acquisition.
Alex Wayman, managing Director of Boston based Estabrook Advisors Boston, MA, acted as advisors for SPS.
Payroc and its affiliates, with offices in Chicagoland, Atlanta, Toronto, Whitefish, Montana and Salt Lake City is a high-growth American, Canadian and international merchant acquirer, processor and payment facilitator powerhouse operating in 46 countries, processing over $29 billion in annualized volume for more than 66,000 merchants. Payroc offers best-in-class sales enablement and merchant processing technology on a global basis, delivering proprietary, innovative and full-service merchant acquiring solutions together with key card brand network payment sponsorship registrations. Payroc LLC, together with its wholly-owned affiliate Payroc Processing Systems, LLC, is a registered Visa third party processor (TPP), Mastercard third party servicer (TPSV), payment facilitator (payfac) and encryption support organization (ESO) for Fifth Third Bank, an Ohio-chartered bank, Cincinnati, Ohio (“Fifth Third”). Payroc LLC is a registered independent sales organization (ISO/MSP) for Fifth Third and Wells Fargo Bank, N.A., Concord, California (“Wells”). NxGen, one of Payroc’s companies, is an Elavon payments partner and registered as an ISO/MSP of Elavon, Inc., Georgia, a wholly owned subsidiary of US Bank Minneapolis. The company’s Canadian business unit is a registered ISO/MSP of Wells and Peoples Trust Company, Vancouver, Canada. For more information, please visit payroc.com or telephone 844-PAYROC-4.
About Parthenon Capital
Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, please visit parthenoncapitalpartners.com.