Cynergy Data
 | |
| Company type | Private |
|---|---|
| Industry | Payment processor |
| Founded | 1995[1] |
| Founder | Marcelo Paladini[1] |
| Defunct | 2014 |
| Fate | Acquired after bankruptcy |
| Successor | Priority Technology Holdings |
| Headquarters | , |
Area served | United States |
Key people | Afshin Yazdian, CEO[2] |
| Products | Payment processing, small business loans, point-of-sale hardware and software, gateway payment services, gift cards, high-risk merchant processing and providing payment terminals |
| Owner | Comvest Group |
| Website | www |
Cynergy Data was an American payment service provider that was headquartered in Alpharetta, Georgia with an operations center in Long Island City, New York.
Cynergy Data was acquired out of bankruptcy by private investment firm Comvest Group in 2009. In 2014, Comvest merged the company with Priority Payments to create a new payment company called Priority Technology Holdings.[3][4]
Cynergy Data had been recognized three times by Inc. magazine as one of the fastest-growing privately held companies in America prior to its bankruptcy. The company went through bankruptcy protection in 2009.[5]
History
1995 - 2007
Cynergy Data was founded in 1995 by Marcelo Paladini as a support organization for those selling electronic payments processing to merchant businesses.[1]
In 1997, Inc. Magazine featured the company in its annual list of the fastest growing, privately held companies in the United States. With a 33% increase in sales for the year 2001 alone, Cynergy Data ranks 451 on the list. In 2002, New York City's Hispanic Chamber of Commerce names Cynergy founders "Entrepreneurs of the Year".[6]
In 2006, Inner City 100 ranked Cynergy Data as number 36 on their list of fastest-growing private companies based in U.S. cities. In April, Cynergy Data acquires Abanco International merchant portfolio and payment gateway services. The acquisition allowed the company to process billions of credit card and other electronic payments annually.[7]
2008 - 2014
The company partnered with Déjavoo Systems in 2008 to develop merchant solutions.[8]
That same year, point-of-sale provider AccuPOS formed an integration partnership with Cynergy Data's LUCY payment gateway. Cynergy Data was added to Inc. Magazine's Hall of Fame for making its Inner City 100 list five years in a row.
In 2009, Cynergy Data filed a liquidating Chapter 11 plan, with the warning that its assets would only cover lawsuit from holders of first-lien debt.[5] It later received approval from the United States bankruptcy court for the sale of its assets.[9]
Cynergy Data selected TSYS as its preferred provider of authorization, settlement and dispute resolution services.
Kim Fitzsimmons was CEO of the company from 2012 to 2013.[10] In November 2013, Afshin Yazdian was appointed President & CEO of Cynergy Data.[2]
Merger 2014
In 2014, the company was merged with Priority Payments to form a new company known as Priority Technology Holdings and the Cynergy Data name ended.[4]
References
- ^ a b c Buchanan, Leigh (2006-06-01). "The Inner City 100 Profiles: 31-40". Inc.com. Retrieved 2020-04-23.
- ^ a b "Yazdian Named Cynergy CEO; Fitsimmons Joins Equity Investor". PaymentsSource. 2013-11-11. Retrieved 2020-04-23.
- ^ "Priority Payment Merges with Cynergy Data As ISO/Processor Consolidation Presses on". Digital Transactions. May 29, 2014.
- ^ a b "Comvest-Backed Cynergy Data Merges with Priority Payment Systems". The Wall Street Journal. June 3, 2014.
- ^ a b "TerreStar, Sunset Village, Lehman: Bankruptcy". Bloomberg.com. 20 October 2010.
- ^ New York City Department of Small Business Services and the Initiative for a Competitive Inner City Honor Four NYC Small Businesses Among Nation's Fastest Growing Archived 2008-01-17 at the Wayback Machine. New York City Department of Small Business Services. 24 May 2005.
- ^ Abanco International Sells Merchant Portfolio. Business Wire. 25 April 2007.
- ^ "Texas Stylist What's New in the Market - November 2008". www.stylistnewspapers.com. Archived from the original on 2011-09-23. Retrieved 2020-04-23.
- ^ "Cynergy Data Wins Approval From Bankruptcy Court for Its Chapter 11... -- LONG ISLAND CITY, N.Y., Sept. 21 /PRNewswire/ --". Archived from the original on 2010-11-12.
- ^ "The 20 Most Influential Women in Payments". American Banker. 2013-04-08. Retrieved 2020-04-23.