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Friday, January 21, 2022

Brands acquire brands, tech in Q1 2022

On Jan. 18, 2022, two high-profile acquisitions dominated payments industry news: NMI acquired IRIS CRM and Celero Commerce acquired Omega Technology. While transaction details were not available at press time, financial advisors and payments industry analysts suggest these mergers reflect growing interest in delivering fast, secure, simple and personalized solutions.

Vijay Sondhi, CEO at NMI, described the IRIS acquisition as “the coming together of two great companies,” that will enable partners to effortlessly board new merchants and accept payments with their chosen processors.

Anthony Malatesta, director and lead banker at Wellesley Hills Financial, who represented IRIS CRM, pointed out that IRIS will expand NMI capabilities and technology stack. “The strategic alignment between IRIS and NMI will surely make the combined entity one to watch in the future,” he said. “We believe this transaction is indicative of the continued high market-demand for focused, verticalized software platforms, especially one with a fintech tie-in.”

Dimitri Akhrin, founder and CEO at IRIS CRM, agreed, thanking Sondhi, Malatesta, Wellesley Hills, NMI and IRIS CRM for their support, stating the combined resources and product offerings of NMI and IRIS will enable the unified entity to support its growing family of ISOs, ISVs, sponsor banks, and payfac partners. “Pairing NMI’s best-in-class transaction and full commerce-enablement capabilities with IRIS’s suite of back-office functionality will create the most comprehensive software solution for merchant services providers in the market today,” he added.

Serving SMBs

Non-bank payment processor, Celero Commerce, acquired OMEGA Technology, bringing its installed merchant base to more than 50,000 business owners collectively processing approximately $20 billion in annual card volume. Celero and OMEGA representatives noted that both companies share an interest in helping financial institutions become more agile, responsive and relevant to customers.

Kevin Jones, founder and CEO at Celero Commerce, maintained that banking is a primary focus at Celero. “Celero continues to build the premier technology-focused, commerce solutions offering for small and medium-sized businesses and financial institution partners,” he said. “OMEGA’s technology-focused approach to serving its customers aligns with our approach at Celero and we are excited to welcome the outstanding OMEGA team to our growing Celero family.”

Todd McHugh, President and CEO of OMEGA, agreed the two companies share a common culture and outlook. “Joining forces with Celero means that we can deliver greater value for all stakeholders through technology, financial resources, and human capital,” he said.

Serving financial institutions

The Omega Technology transaction closely followed Celero’s December 2021 acquisition of Everest Payment Solutions, a national payment processor with a local community focus that closely aligned with Celero, according to Kevin Jones, founder and CEO at Celero Commerce.

Jones noted that Everest helps local business owners achieve sustainable growth by deploying bundled technology solutions. “Their approach and culture align with our commitment to the SMB space, providing entrepreneurs with the technology and support needed to compete and win. We are excited to welcome the Everest team to Celero and continue to serve community-based businesses.”

Marty Friend, president and co-founder at Everest, agreed that the two companies share a similar philosophy and focus. “We share Celero’s high-tech, high-touch approach to the industry,” he said. “The addition of Celero’s technology and business management solutions will empower our team to best serve our community business owners.”

end of article

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