PLANO, Texas, March 12, 2025 /PRNewswire/ — Fortis, a payments technology leader for software providers, ERP customers, and scaling businesses announced today that it has received a joint investment from Audax Private Equity (“Audax”) and existing investor Lovell Minnick Partners (“LMP”). This investment will support Fortis in accelerating its mission to become the global leader in payment technology and embedded commerce experiences for businesses. Fortis, under LMP’s stewardship, has experienced rapid expansion by delivering innovative, technology-driven solutions that empower businesses seeking to seamlessly integrate payments into their software and workflows. Audax and LMP will jointly participate in this growth-oriented recapitalization. This capital infusion positions the company for continued growth and expansion in the rapidly expanding $100 trillion B2B payments market.
“The embedded payments market is undergoing a fundamental transformation, with software platforms needing sophisticated payment capabilities that go far beyond basic processing,” said Greg Cohen, CEO of Fortis. “This partnership with Audax, alongside our long-term investor LMP, provides Fortis with valuable resources to accelerate our product roadmap, pursue strategic acquisitions, and expand our global footprint. We’re not just participating in the future of embedded payments—we’re defining it.”
Since the investment by LMP in 2019, Fortis has expanded its reach across the business-to-business platform and software ecosystem, providing tailored payment solutions that drive efficiency and improved customer and business experiences. “Fortis’ trajectory has exceeded our expectations since we originally invested alongside Jimmy Nafso and the Fortis team five years ago and we are excited about the opportunities ahead as we enter this next stage of growth,” said Trevor Rich, Partner at LMP. “Our new partnership with Audax can help fuel further technological innovation, strategic acquisitions, and channel expansion. We look forward to continuing to help Fortis scale its business and unlock greater value for its customer and stakeholders.”
Through this strategic investment, Audax will join LMP in its partnership with Fortis to enhance the embedded payments journey, enhance product and service offerings, and scale infrastructure to meet the evolving needs of businesses. By leveraging the deep expertise and resources of Audax in scaling middle-market companies and Fortis’ track record in embedded, ERP and business payments, the partnership is poised to strengthen Fortis’ market position and technological capabilities.