Payroc merges with Payscape, NXGEN and BluePay Canada
Merchant acquirer and payment processor Payroc has announced its merger with Payscape, NXGEN International, and BluePay Canada. The transaction creates a full-service global merchant acquiring and payment facilitator operating in 46 countries, while serving more than 55,000 merchants processing US$23 billion in annual bankcard volume. The combined enterprise, with its additional capabilities, will carry a new and enhanced Payroc brand.
The consolidated company will have more than 1,000 employees and independent payment professionals led by James Oberman, who will serve as the chief executive officer of the combined company. Adam Bloomston, currently chief executive for Payscape and NXGEN, will serve as president of the combined company. The remainder of the executive team is a combination from each of the four principle merger partners.
The merger was sponsored by Parthenon Capital, a private equity firm that focuses on building franchise assets in the financial services and health care sectors.
Keefe, Bruyette & Woods (KBW), a Stifel company, acted as financial advisor for Payroc in connection with this transaction. Parthenon Capital received advice from Boston-based Estabrook Advisors and Kirkland & Ellis. Financial terms of the private transaction were not disclosed.