BRIEF: Private equity investment values Roselle tech firm at $200M [Chicago Tribune]
(Chicago Tribune (IL) Via Acquire Media NewsEdge) Sept. 20--A New York private equity firm has made an investment in Roselle-based Network Merchants that values the e-commerce payment software company at nearly $200 million.
Financial terms of the deal with Bregal Sagemount were not disclosed. But a source close to the transaction said the private equity firm invested almost $100 million in NMI for a nearly 50 percent stake in the company.
The two firms said NMI Chief Executive Jim McKenzie and the current management team will remain in place.
NMI was founded in 2001 and makes e-commerce payment software that helps companies "process online transactions in real-time anywhere in the world," the company said. It works with financial institutions and payment processors, which then sell payment services to merchants. NMI also offers features that enable fraud monitoring and secure payments through mobile devices.
Bregal Sagemount typically invests between $15 million and $150 million. Its previous investments in consumer-facing companies include identity theft protection firm LifeLock and Meineke Car Care Centers.
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