Payroc merger to create global company
DES PLAINES -- Payment processor, company Payroc LLC announced it will merge with Payscape, NXGENInternational, and BluePay Canada, creating a global full-service merchant acquiring and payment facilitator company operating in 46 countries.
Financial terms of the merger were not announced.
The new company will serve more than 55,000 merchants, processing $23 billion in annual bank card volume, according to Payroc officials. The combined enterprise will carry a new and enhanced Payroc brand.
The consolidated company will have more than 1,000 employees and independent payment professionals led by Payroc CEO 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 will consist of a combination of leaders from each of the four principle merger partners.
"We're building something unique, impressive and meaningful. Adding Payroc to the mix is a formative next step in our strategic efforts," said Bloomston.
The merger was sponsored by Parthenon Capital, a growth-oriented private equity firm that focuses on building franchise assets in the financial services and health care sectors.