Private equity firm Lovell Minnick Partners has finished what it calls a "significant growth investment" in payments technology and merchant services provider Fortis Payment Systems, LLC.
Lovell Minnick Partners, which focuses on global financial services investments and similar tech and business companies, did not disclose financial terms of the private transaction.
Fortis provides payment technology and processing services to developers and businesses throughout North America. It operates the Zeamster platform to integrate payments software and value-added services for businesses to interact with customers.
“Fortis has developed a highly configurable, powerful payments platform with industry-leading technical and security capabilities, supported by superior high touch service,” Trevor Rich, partner at Lovell Minnick Partners, said in a Tuesday press release. “We look forward to supporting CEO Jimmy Nafso and his highly talented team to identify new solutions and channel partners.”
Since its founding in 2010, Fortis has supported hundreds of developers, software providers and channel partners.
“We’re excited to leverage Lovell Minnick’s strong track record of scaling technology-businesses," Fortis CEO Nafso said in the release. "With Lovell Minnick’s support we will be able to accelerate Fortis’ expansion into additional markets and continue innovating best-in-class payments solutions that meet the evolving needs of our customers.”
Lovell Minnick’s Trevor Rich and operating partner Greg Cohen, a former Electronic Transactions Association president, will join the Fortis board of directors.
