Paytech NMI acquires Sphere’s commercial division to boost underwriting and risk management capabilities
US paytech NMI, which provides payment gateway and processing solutions to businesses seeking to diversify their payment methods, is set to acquire the commercial division of software and paytech firm Sphere.
NMI acquires Sphere’s commercial division
The deal will see the division’s underwriting and risk management capabilities integrated into the NMI platform, allowing the latter’s partners, including independent software vendors and sales organisations, to create merchant accounts and offer a wider array of payment capabilities to the merchants they serve.
“The addition of Sphere’s commercial division allows us to add yet another module to our stack of payment enablement tools, providing our partners with the modularity and choice to better customise payment experiences for their merchants,” explains Vijay Sondhi, CEO of NMI.
NMI is to absorb the division’s employees and its COO and president, Tom Bannon, who is to transition into the role of senior vice president of partner monetisation. Terms of the deal have not been disclosed.
Describing the acquisition as “a natural fit”, Bannon says partners are currently seeking “to own as much of the payments ecosystem as possible, and we are adding another layer to that by combining forces with NMI”.
NMI’s acquisition of the division is reminiscent of a similar deal it made to acquire the payment solutions of software provider Agreement Express in December 2022, which also focused heavily on the integration of underwriting and risk monitoring capabilities.
