Fortis Secures Strategic Investment from Audax Private Equity and Lovell Minnick to Accelerate Global Embedded Payments Leadership

PLANO, Texas, March 12, 2025 /PRNewswire/ -- Fortis, a payments technology leader for software providers, ERP customers, and scaling businesses announced today that it has received a joint investment from Audax Private Equity ("Audax") and existing investor Lovell Minnick Partners ("LMP"). This investment will support Fortis in accelerating its mission to become the global leader in payment technology and embedded commerce experiences for businesses. Fortis, under LMP's stewardship, has experienced rapid expansion by delivering innovative, technology-driven solutions that empower businesses seeking to seamlessly integrate payments into their software and workflows. Audax and LMP will jointly participate in this growth-oriented recapitalization. This capital infusion positions the company for continued growth and expansion in the rapidly expanding $100 trillion B2B payments market.

"The embedded payments market is undergoing a fundamental transformation, with software platforms needing sophisticated payment capabilities that go far beyond basic processing," said Greg Cohen, CEO of Fortis. "This partnership with Audax, alongside our long-term investor LMP, provides Fortis with valuable resources to accelerate our product roadmap, pursue strategic acquisitions, and expand our global footprint. We're not just participating in the future of embedded payments—we're defining it."

Since the investment by LMP in 2019, Fortis has expanded its reach across the business-to-business platform and software ecosystem, providing tailored payment solutions that drive efficiency and improved customer and business experiences. "Fortis' trajectory has exceeded our expectations since we originally invested alongside Jimmy Nafso and the Fortis team five years ago and we are excited about the opportunities ahead as we enter this next stage of growth," said Trevor Rich, Partner at LMP. "Our new partnership with Audax can help fuel further technological innovation, strategic acquisitions, and channel expansion. We look forward to continuing to help Fortis scale its business and unlock greater value for its customer and stakeholders."

Through this strategic investment, Audax will join LMP in its partnership with Fortis to enhance the embedded payments journey, enhance product and service offerings, and scale infrastructure to meet the evolving needs of businesses. By leveraging the deep expertise and resources of Audax in scaling middle-market companies and Fortis' track record in embedded, ERP and business payments, the partnership is poised to strengthen Fortis' market position and technological capabilities.

"Fortis' ability to simplify complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain," noted Tim Mack, Partner at Audax Private Equity. "In our opinion, the Fortis API unlocks omnichannel strategies for businesses – a powerful value proposition that differentiates Fortis' software partners, merchants who leverage the technology, and the company itself."

The investment underscores the increasing demand for embedded payments and digital commerce solutions, as businesses across industries seek seamless, integrated financial technology. Fortis remains committed to delivering industry-leading solutions that empower businesses to optimize payment experiences and maximize potential.

About Fortis
Fortis is the leader in embedded payments for software providers, processing billions of dollars annually by delivering comprehensive payment solutions and commerce enablement to software partners and developers. The company's mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit fortispay.com.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of June 2024, over 280 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com.

About Lovell Minnick Partners
Lovell Minnick Partners is a private equity firm with a 25-year track record of partnering with growth-oriented companies. LMP leverages deep sector experience and a broad network of strategic advisors to help founders scale their companies at an accelerated pace. The firm collaborates with management teams seeking to achieve long-term success and value creation through organic growth and strategic acquisitions. Since inception in 1999, LMP has raised over $5 billion of committed capital, invested in more than 50 unique platform companies and completed over 200 add-on acquisitions. LMP targets growth-oriented, middle-market companies with a particular focus on companies in the financial services, business services and financial technology sectors. For more information, please visit www.lmpartners.com .

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SOURCE Fortis