Fortis will step up efforts to expand its embedded payments offerings after securing a joint investment from Audax Private Equity and existing investor Lovell Minnick Partners (LMP).
The infusion of capital and the addition of Audax’s expertise and resources will strengthen Fortis’ market position and technological capabilities. The relevant information is contained in the company’s press release, which was published last Wednesday, March 12.
Fortis chief executive officer Greg Cohen stated that the partnership with Audax, alongside the firm’s long-term investor LMP, provides the company with valuable resources to accelerate its product roadmap, pursue strategic acquisitions, and expand its global footprint.
The press release contains information according to which LMP previously invested in Fortis in 2019. Since then, the company, led by Greg Cohen, expanded its reach into the B2B and software area and provided customized payment solutions.
Trevor Rich, partner at LMP, said that Fortis’ growth has exceeded expectations and that the new partnership with Audax can help fuel further technological innovation, strategic acquisitions, and channel expansion.
The press release notes that Audax’s experience in scaling middle-market firms will complement Fortis’ track record in embedded, enterprise resource planning (ERP) and business payments.
Tim Mack, partner at Audax, said Fortis’ ability to simplify complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain.
As we have reported earlier, Riksbank Prioritises Offline Payments in Contingency Planning.
