Cynergy Data
| Private | |
| Industry | Electronic payment processing |
| Founded | 1995 |
| Headquarters | Alpharetta, Georgia, United States |
Key people | Afshin Yazdian, CEO |
| Products |
|
| Website | www.cynergydata.com |
Cynergy Data is an American payment services provider, managing a portfolio of over 100,000 merchants processing $10 billion annually. Headquartered in Alpharetta, Georgia with an operations center in Long Island City, New York, Cynergy Data is owned by the Comvest Group, a private investment firm.
Cynergy Data has been recognized three times by Inc. magazine as one of the fastest-growing privately held companies in America. The company went through bankruptcy protection in 2009.[1]
History
1995
Cynergy Data is founded as a support organization for those selling electronic payments processing to merchant businesses.
1997-2002
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
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
Inner City 100 ranks Cynergy Data #36 of fastest-growing private companies based in U.S. cities.[3]
2007
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
The company cooperates with Déjavoo Systems in developing merchant solutions.
May 2008
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
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
Transaction World magazine’s “Most Influential Acquirer Award” gives Cynergy Honorable Mention for its approach to merchant services.
December 2008
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
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
Cynergy Data selects TSYS as its preferred provider of authorization, settlement and dispute resolution services.
January 2012
Kim Fitzsimmons joins Cynergy Data as its new CEO.
Fall 2013
Afshin Yazdian is appointed President & CEO
References
- 1 2 https://www.bloomberg.com/news/2010-10-20/terrestar-sunset-village-upper-market-place-cynergy-data-bankruptcy.html
- ↑ New York City Department of Small Business Services and the Initiative for a Competitive Inner City Honor Four NYC Small Businesses Among Nation's Fastest Growing. New York City Department of Small Business Services. 24 May 2005.
- ↑ The 2006 Inner City 100. “Inc. Magazine”. 1 June 2006.
- ↑ Abanco International Sells Merchant Portfolio. Business Wire. 25 April 2007.
- ↑ http://www.prnewswire.com/news-releases/cynergy-data-wins-approval-from-bankruptcy-court-for-its-chapter-11-asset-sale-bidding-procedures-59998367.html