Plano-based Fortis, a payments technology leader for software providers, ERP customers, and scaling businesses, has received a joint investment from Audax Private Equity and existing investor Lovell Minnick Partners.

“The embedded payments market is undergoing a fundamental transformation, with software platforms needing sophisticated payment capabilities that go far beyond basic processing,” Fortis CEO Greg Cohen said in a statement. “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.”

The amount of the investment was not disclosed.

Fortis said the investment will support accelerating its mission to become the global leader in payment technology and embedded commerce experiences for businesses.

Under LMP’s stewardship, Fortis said it 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, Fortis said.

Investing for ‘this next stage of growth’

The new funding positions Fortis for continued growth and expansion in the rapidly expanding $100 trillion B2B payments market, the company said.

Fortis said that 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,” LMP Partner Trevor Rich said in a statement “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.”

Via 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, Fortis said. The company said that by leveraging Audax’s deep expertise and resources 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,” said 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.”

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