NMI Announces Strategic Growth Investment From Insight Partners
NMI, a leading global full commerce enablement technology company, today announced a significant new equity investment from New York-based global private equity and venture capital firm Insight Partners. Insight Partners joins existing investors Francisco Partners and Great Hill Partners. The company will continue to be led by Chief Executive Officer, Vijay Sondhi, and the current management team, who invested alongside Insight Partners, Francisco Partners, and Great Hill Partners.
NMI, which was acquired by Francisco Partners in 2017, processes more than $150 billion in payments annually and enables critical payment functionality for over 2,800 partners and over 250,000 merchants globally. The company provides flexible, modular solutions to create unique omni-channel payment solutions across e-commerce, unattended, retail and mobile payments.
“Throughout our partnership with Francisco Partners and Great Hill, NMI has successfully accelerated revenue growth, delivered product innovation, and strengthened our customer relationships,” said Vijay Sondhi, NMI CEO. “We are excited to welcome Insight Partners, a growth-oriented investor with deep integrated software and payments experience, as we expand our global footprint and deliver best-in-class solutions to our customers. With the support of our investors, we will reach a new level of scale, accelerate our acquisition strategy, and remain hyper-focused on our customers.”
Byron Lichtenstein and David Spiro, Principals at Insight Partners, said of the deal, “NMI is transforming the payment industry with one of the largest ecosystems of integrations, technical capabilities, and partner relationships. By unifying every point of payment engagement to deliver one view of the customer, NMI offers a flexible, interoperable platform that stands out in the fintech space. As NMI continues to scale globally, we’re excited to partner with their team to continuing accelerating growth leveraging their deep payment expertise and our Onsite ScaleUp and M&A capabilities.”
Peter Christodoulo, Partner, and Justin Chen, Principal at Francisco Partners, commented, “Since our investment, NMI has built an impressive track record as a market-leading payments infrastructure and software company. We are excited to continue our partnership with Vijay and the entire NMI team, and we see a substantial growth opportunity for the company. The addition of Insight Partners further supports our original investment thesis and sponsorship of the NMI team’s focus on driving high organic growth combined with strategic M&A.”
Berenson & Company acted as financial advisor and Willkie Farr & Gallagher LLP served as legal advisor to Insight Partners.