Payments Powerhouse Secures Senior Capital and Rebrands as Boom Commerce with Focus on Integrated Payments and Strategic Acquisitions
Leading payment processing company National Payment Systems has expanded its executive team and rebranded as Boom Commerce dedicated to providing merchants and partners with cutting edge payment technology and other software and hardware solutions. The Boom brand affirms the company’s commitment to the growth and success of its merchants and distribution partners.
Industry veteran Sabin Burrell (Founder, BlueSquare Resolutions, sold a majority stake to Prudential Capital Partners in a transaction valued at nearly $150 Million) has joined the executive group to create a formidable team of seasoned payments executives to execute on the company’s ambitious growth plan. Burrell joins Jon Beckman (Founder), John Hynes (COO & General Counsel) and Kevin Burson (CFO) on the Boom executive team.
Additionally, Greg Forte (formerly Fiserv Global Business Solutions) has been named Senior Vice President focused on growing Boom’s commercial middle market vertical. Kayla Jantz (formerly BlueSquare Resolutions) has been named Vice President.
The Boom team is also guided by a deep advisory board of founders and executives across the financial, payments and technology industries. Stephen Chang (Acrewood Holdings) and Darrin Ginsberg (E-Commerce Exchange and Super G Capital) will provide valuable counsel to the executive team as they position the company as a leader in the rapidly evolving payments industry.
Boom recently closed on a significant credit facility with leading specialty financing group, Acrewood Holdings. This capital infusion and strategic partnership will fuel the company’s expansion into new markets, acquisition strategy and investment in products and technology for merchants and distribution partners.
"I’ve formed great relationships with the existing Boom Commerce team after working with them for many years on various transactions and am thrilled to join them and take this company to the next level," says new CEO Sabin Burrell. "This company has done an excellent job building and maintaining profitability without taking any outside money and no group better understands what is needed to get to the top of the payments industry. I’m excited to get us there through a mix of acquisitions and organic growth focused on verticalized market distribution and technology. Our position as a Full Service Provider [FSP] with multiple leading sponsor banks and processors including Wells Fargo, Merrick Bank, Fiserv and TSYS combined with other strategic partnerships differentiates us and facilitates scale that makes us relevant."
Jon Beckman added, "Our new brand along with the additions of Sabin Burrell, Greg Forte, Kayla Jantz and other hand selected talent along with smart capital from Acrewood will accelerate the growth path we have been on for several years. Sabin has a proven track record of overseeing explosive growth and is uniquely positioned to lead this company through a time of rapid consolidation and other changes happening in the payments industry. We understand the importance of technology and vertical specialization in this industry and this team combined with our exciting new partnerships and products will keep us at the forefront of these changes."
Boom is focused on expanding its already robust distribution channel through agent/ISO partners, software companies and other strategic resellers, and aggressively pursuing acquisitions and other strategic investments. In addition to investments in tools and technology to support its distribution partners and merchants, Boom has developed a leading multi-bank full service processing platform designed to support a wide range of merchant types and payment acceptance methods, including small and medium sized businesses, large enterprise organizations and e-commerce.
Boom closed over $20 Million in strategic portfolio acquisitions in the last three quarters of 2019 alone using primarily its strong balance sheet cash position. The company’s creative and flexible financing structure uniquely positions it to pay industry leading acquisition multiples. And unlike most industry peers who have raised equity or other institutional capital, Boom has intentionally steered clear of that path so it can maintain its entrepreneurial spirit and culture. Creativity, flexibility and speed will continue to set Boom apart as it closes a number of acquisitions in 2020.
Boom has experienced explosive growth in recent years with 2018-19 year over year revenue growth of 74% and EBITDA growth of 108%. Boom expects a similar performance in 2020 on roughly $5.2 Billion in payment processing volume spread across approximately 20,000 clients located through the USA.
Please visit boomcommerce.com for more exciting news and information about the company.
About Boom Commerce
Boom Commerce is a payment processing technology and service provider headquartered in Portland, Oregon, with additional offices spread across the country. Through our multi-bank full service payment processing platform, we provide a comprehensive suite of payment solutions to support merchants and transaction types of all kinds, including small and medium sized businesses, large enterprises and e-commerce. We market our products and services through a large and diverse network of distributors who we support with technology, expertise and financing to ensure their growth and success. We are also a leading player in the payments industry acquisition space with a focus on strategic and synergistic acquisitions. Our mission is to simplify and streamline the payments experience for our merchants and create an environment in which our distribution and other trusted partners can thrive. Learn more at boomcommerce.com.
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