Fortis Acquires MerchantE’s NetSuite Payments Division
Key Highlights:
- Acquisition Overview:
- Acquirer: Fortis
- Acquired Entity: MerchantE’s NetSuite payments division
- Acquisition Sum: Undisclosed
- About MerchantE’s NetSuite Payments Division:
- Established: 2004
- Focus: Payment processing solutions integrated with the NetSuite system
- NetSuite Overview:
- Function: Cloud-based enterprise resource planning (ERP) system
- Capabilities: Order management, supply chain logistics, production planning, billing, accounting, and expense tracking
- Acquired By: Oracle in 2016 for approximately $9.3 billion
- Benefits of the Acquisition:
- Efficiency: Enhances efficiency of payment operations
- Deployment: Accelerates deployment of new, embedded financial and commerce enabling services
- User Benefits: Immediate deployment of payment processing capabilities, automatic reconciliation and synchronization of financial data within the NetSuite ledger
- Implementation Costs: Zero programming or implementation costs
- Future Plans for Fortis:
- Expansion: Seeking to expand its payment offering
- New Features:
- Next-day funding
- Routing preference capabilities
- Click-to-pay invoicing
- Advanced interchange optimization
- Compliant surcharging
- Timeline: Not defined
- Executive Statement:
- Greg Cohen, CEO of Fortis: Plans to expand investment in the NetSuite ecosystem with a robust pipeline of feature enhancements
- Recent Developments:
- Previous Acquisition: Purchased SmartPay, entering the Canadian embedded payments market
- Funding: Raised $20 million through a Series A funding round to push into the MENA region
