Paytech leader NMI, renowned for offering diverse payment gateway and processing solutions, is set to expand its payment enablement offerings with the acquisition of Sphere’s commercial division.
The strategic move aims to seamlessly integrate the acquired division’s underwriting and risk management capabilities into the NMI platform. This integration will empower NMI’s partners, which include independent software vendors and sales organizations, to effortlessly create merchant accounts and offer an even broader range of payment options to the merchants they serve.
Vijay Sondhi, CEO of NMI, explained, “The addition of Sphere’s commercial division allows us to add yet another module to our stack of payment enablement tools, providing our partners with the modularity and choice to better customise payment experiences for their merchants.”
As part of this acquisition, NMI will absorb the division’s employees, with its COO and President, Tom Bannon, transitioning into the role of Senior Vice President of Partner Monetization within NMI. Specific terms of the deal have not been disclosed.
Bannon described the acquisition as “a natural fit,” citing that partners are increasingly looking to expand their presence in the payments ecosystem. By joining forces with NMI, they can enhance their offerings with a more comprehensive suite of solutions.
This acquisition by NMI bears resemblance to its previous strategic moves, such as the acquisition of payment solutions provider Agreement Express in December 2022, which also focused on bolstering underwriting and risk monitoring capabilities.
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