Cynergy Data


Cynergy Data
Cynergy Data.
Type Private
Industry Electronic payment processing
Founded 1995
Headquarters New York, NY, United States
Key people Randal McCoy, CEO
Products
Integrated, stand-alone and wireless payment processing, small business funding, point-of-sale hardware and software, gateway payment services, gift cards, high-risk merchant processing and proprietary terminal offerings.
Website www.cynergydata.com

Since its founding in 1995, Cynergy Data has grown from a two-person partnership to an industry-leading payments processor that employs over 150 employees in Atlanta, New York City, Boston and Chicago. On September 1, 2009, Cynergy Data's holding company filed for Chapter 11 bankruptcy protection in Delaware. [1]Cynergy Data has been recognized at least three times by Inc. magazine as one of the fastest-growing privately held companies in America. Today, Cynergy manages a portfolio of over 100,000 merchants processing in excess of $10 billion annually. Cynergy Data is owned by the Comvest Group, a leading private investment firm focused on providing debt and equity solutions to lower middle-market companies. The current CEO is Randal “Randy” A. McCoy. The original founders were Marcelo Paladini and John Martillo.


The company is registered with the Visa and MasterCard associations and is sponsored by Chicago-based bank Harris, N.A. and Meridian Bank of Devon, PA.

Timeline: Key Events

1995: Cynergy Data is founded as a support organization for those selling electronic payments processing to merchant businesses.

1997 - 2002: For the first time, 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 again includes Cynergy Data on its annual list of fastest-growing companies in America. The company boasts a 294.5% growth rate and 107 employees, earning a ranking of 489.[3]


2006: Inner City 100 ranks Cynergy Data #36 of fastest-growing private companies based in U.S. cities.[4]


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.[5]


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 innovative 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 visionary 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.

"'September 2009:"' Cynergy Data files for Chapter 11 bankruptcy protection in Delaware.

References


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