#United States #Plano #Fortis Payments #Audax Private Equity #Lovell Minnick

Fortis Secures Strategic Investment for Future Growth

In a landmark move toward cementing its position as a leading player in embedded payments technology, Fortis, a prominent name in payment solutions for software providers and ERP customers, has announced a strategic investment from both Audax Private Equity and Lovell Minnick Partners. This collaboration aims to propel Fortis towards its goal of becoming the primary force in global embedded commerce experiences.

According to Fortis, the funds from this joint investment will be instrumental in driving the company's ambitious growth trajectory within the massive $100 trillion B2B payments market. The infusion of capital will support enhanced product offerings, strategic acquisitions, and further global expansion.

Greg Cohen, CEO of Fortis, highlighted the significant evolution occurring in the embedded payments landscape. "The market is in a state of transformation, and businesses now require payment capabilities that reach beyond basic processing. This partnership with Audax and our ongoing collaboration with LMP provides Fortis with the necessary resources to fast-track our product development and broaden our market reach. We are not merely participants in the future of embedded payments; we are determined to shape it," he remarked.

Since the alignment with LMP in 2019, Fortis has made notable strides in the business-to-business software ecosystem, delivering tailored payment solutions designed to increase operational efficiency and enhance user experiences. Trevor Rich, a Partner at LMP, expressed enthusiasm for the company's trajectory, stating, “Fortis has consistently surpassed our expectations, and this new partnership with Audax is set to fuel further growth through technological advancements and channel expansion."

Audax's participation will complement LMP’s existing relationship with Fortis, focusing on refining the embedded payments journey for businesses. With both firms bringing extensive experience in supporting middle-market companies, the collaboration is expected to bolster Fortis' competitive edge and technological prowess.

Tim Mack, Partner at Audax, underscored the company's commitment to innovation in payment systems. “The ability of Fortis to streamline complex payment environments via a single integration point is fundamental to enhancing the value chain. Their API offers businesses a unique means to unlock omnichannel strategies, setting them apart from competitors.”

The necessity for integrated financial technology continues to surge across various industries, with businesses seeking seamless and efficient payment solutions. Fortis is committed to pioneering high-quality solutions to empower businesses in optimizing their payment experiences, thereby maximizing their operational potential.

About Fortis

Fortis stands at the forefront of embedded payments, processing billions in transactions annually by providing software partners with comprehensive payment solutions and commerce-enabling technologies. The company aims to create an integrated commerce experience, helping businesses chart new territories of growth and scalability.

For more information about Fortis and its services, visit fortispay.com.

About Audax Private Equity

Audax Private Equity, headquartered in Boston, maintains offices in San Francisco, New York, and London. With around $19 billion in assets under management, the firm focuses on strategic equity solutions and investments in middle to lower middle markets. For further details, visit audaxprivateequity.com.

About Lovell Minnick Partners

With over $5 billion in committed capital, Lovell Minnick Partners has a historical focus on growth-oriented firms in the financial and business services sectors. Their mission is to support dynamic companies in achieving accelerated growth. For further insights, visit lmpartners.com.