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Network Merchants, Inc. (NMI), a Roselle-based provider of e-commerce payment gateways and value-added services, received a financial injection to the tune of $100 million late last week. New York private equity fund Bregal Sagemount led the investment, which valued NMI at $200 million, and acquired half the company.
“We’ve enjoyed building a partner-centric company that strategically enables the success of some of the leading and fastest growing payments companies in the industry,” said CEO Jim McKenzie in a statement. “This transaction marks a major milestone for us and we’re excited to join forces with Bregal Sagemount, which will further advance our ability to serve clients.”
Worldwide, the 12-year-old NMI offers gateway and security services through 400 affiliate partners. This allows the company to serve more than 60,000 merchants across the globe with core products, as well as fraud monitoring, payment routing and mobile services.
NMI’s transparent payments processing systems allow customers to completely customize the look and feel of their payment gateways. To date, NMI has integrated with more than 110 payment processing networks and over 120 third-party shopping carts, reports say.
“The company is well positioned to capture opportunities around the growth in e-commerce and mobile commerce, as well as the growing adoption of integrated payments solutions,” said Gene Yoon, Bregal Sagemont Managing Partner, in a statement.
Compared to last year, NMI’s sales have grown 40 percent — not bad for a company with just 17 employees, all of whom are Chicago area natives. NMI’s revenue, however, was not disclosed. McKenzie will stay on as chief executive, with the rest of the management team also remaining in place, to build on recent growth.
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