Cynergy Data

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Cynergy Data.
Private
Industry Electronic payment processing
Founded 1995
Headquarters Alpharetta, Ga
Key people
Afshin Yazdian, CEO
Products
Integrated, stand-alone and wireless payment processing, small business funding, point-of-sale hardware and software, gateway payment services, gift cards, high-risk merchant processing and proprietary terminal offerings.
Website www.cynergydata.com

Cynergy Data is an American payment services provider, managing a portfolio of over 100,000 merchants processing $10 billion annually.[citation needed] Headquartered in Alpharetta, GA with an Operations Center in Long Island City, NY, Cynergy Data is owned by the Comvest Group, a private investment firm focused on providing debt and equity solutions to lower middle-market companies.

Cynergy Data has been recognized three times by Inc. magazine as one of the fastest-growing privately held companies in America.[citation needed] The company went through bankruptcy protection in 2009.[1]

The company is registered with the Visa and MasterCard associations and is sponsored by Chicago-based bank BMO Harris Bank, N.A.[citation needed]

History[edit]

1995[edit]

Cynergy Data is founded as a support organization for those selling electronic payments processing to merchant businesses.

1997-2002[edit]

Inc. Magazine features the company in its annual list of the fastest growing, privately held companies in the United States. With a 33% increase in sales for the year 2001 alone, Cynergy Data ranks 451 on the list. In 2002, New York City's Hispanic Chamber of Commerce names Cynergy founders Entrepreneurs of the year.[2]

2005[edit]

Inc. Magazine includes Cynergy Data on its annual list of fastest-growing companies in America. The company has a 294.5% growth rate and 107 employees, earning a ranking of 489.

2006[edit]

Inner City 100 ranks Cynergy Data #36 of fastest-growing private companies based in U.S. cities.[3]

2007[edit]

In April, Cynergy Data acquires Abanco International merchant portfolio and payment gateway services. The acquisition allows the company to process billions of credit card and other electronic payments annually.[4]

The Nilson Report ranks Cynergy #31 of top U.S. merchant acquirers.

Cynergy Data receives the President’s Club award from Colorado-based payment processor, First Data.

Inner City 100 names Cynergy Data #27 of its fastest-growing companies based in U.S. cities.

April 2008[edit]

The company cooperates with Déjavoo Systems in developing merchant solutions.

May 2008[edit]

Point-of-sale provider AccuPOS forms an integration partnership with Cynergy Data's LUCY payment gateway. Cynergy Data is added to Inc. Magazine's Hall of Fame for making its Inner City 100 list five years in a row.

June 2008[edit]

Ernst & Young Entrepreneur of the Year Award in the NY Metropolitan area goes to Cynergy Data CEO in the Services Category.

Cynergy Data ranks #25 on Nilson Report’s list of top U.S. Merchant Acquirers

August 2008[edit]

Transaction World magazine’s “Most Influential Acquirer Award” gives Cynergy Honorable Mention for its approach to merchant services.

December 2008[edit]

Cynergy Data enhances VIMAS Plus, an online account management system, with V+ Messaging. As a short message service (SMS), V+ Messaging sends merchant account updates via text and email messages.

2009[edit]

Cynergy Data filed a liquidating Chapter 11 plan, with the warning that its assets would only cover lawsuit from holders of first-lien debt.[1] It later received approval from the United States bankruptcy court for the sale of its assets.[5]

September 2010[edit]

Cynergy Data selects TSYS as its preferred provider of authorization, settlement and dispute resolution services.

January 2012[edit]

Kim Fitzsimmons joins Cynergy Data as its new CEO.

References[edit]