Founded in 1999, PPI is an electronic payment processing provider, headquartered in Paducah. It provides electronic payment processing services and equipment to businesses in more than 30 states in the US.
The acquisition by NXGEN is expected to help the current and future customers of PPI gain from the former’s suite of integrated product offerings, software and services, and also in tapping into the latest in mobile payment technology and smart terminals.
The company’s president and CEO Tammy Zimmerman is expected to continue to grow the business for NXGEN in Kentucky and the Midwest region.
Zimmerman said: “There were many similarities in how NXGEN and PPI worked to ensure their customers’ and partners’ success.
“Those synergies made the idea of joining forces with a global business like NXGEN the obvious next step for PPI and we are excitedly looking forward to bringing a wider array of cutting-edge products to our customers. The team we are joining at NXGEN is highly respected in the payments industry and committed to growth.”
For NXGEN, the acquisition of the Kentucky firm is the third deal it has closed since forming a partnership in December 2018 with mid-market private equity firm Parthenon Capital Partners.
NXGEN founder and vice chairman Tom Nitopi said: “I have known and admired PPI for its growth and commitment to excellence in its relationships with merchants, partners and the community. This acquisition enables NXGEN to continue to grow and expand its footprint in to new areas.”
Recently, NXGEN entered into a merger with payment company Payscape. The enlarged fintech company after closing of the merger will have operations in 75 countries and process more than $10bn in annual payment volume, for over 20,000 merchants.
Established in 2004, Payscape offers payment solutions to a network of more than 11,000 small and medium-sized merchants in the retail, professional services, organizations, hospitality, and other end-markets.
