North Lane, daVinci Payments Finalize Merger
North Lane Technologies and daVinci Payments said they have finished their merger, making a “high-growth, premier payment company with innovative technology and solutions,” according to a Thursday (Dec. 10) announcement.
They now operate together under the Syncapay brand umbrella via a holding firm created with a new majority equity investment from funds that Centerbridge Partners advises, according to the announcement. Terms of the arrangement were not made public.
Syncapay Chairman and CEO Juli Spottiswood said in the announcement that the closing of the deal between the two companies brings together two FinTech firms to speed digital payment expansion via an “unparalleled payments platform.”
“The combined company has a broader base of services and the scale to thrive in the expanding corporate funded payments segment with over $500 billion in revenue opportunity,” Spottiswood said in the announcement.
Pennsylvania-based North Lane manages client, staff and business payouts and disbursements throughout the Fortune 500, while Illinois-based daVinci Payments provides business funded payments.
North Lane and DaVinci personnel will work together to define, plan and run on an integrated operating model that “delivers the best solutions for their customers, prospects and the market at large” with the close of the arrangement, according to the announcement.
North Lane’s headquarters will stay in Conshohocken, Pennsylvania, while daVinci’s headquarters will stay in Buffalo Grove, Illinois, according to the announcement.
“Our investment creates a new company positioned to efficiently deliver a full suite of services across an expanded set of markets, and will benefit from economies of scale, accelerating growth opportunities,” Centerbridge Managing Director James Kirk said in the announcement.
North Lane Technologies was known as Wirecard North America in the past. Wirecard North America was a separate firm from Wirecard AG, which went insolvent earlier in 2020 during an international scandal.
The North America firm went up for sale in June, noting it was running without any interruption related to said scandal.