Cynergy Data is an American payment services provider, managing a portfolio of over 100,000 merchants processing $10 billion annually. Headquartered in

Alpharetta, Georgia Alpharetta is a city in northern Fulton County, Georgia, United States, and part of the Atlanta metropolitan area. As of the 2020 U.S. census, Alpharetta's population was 65,818; in 2010, the population had been 57,551. History In the 1830s, ...

with an operations center in

Long Island City, New York Long Island City (LIC) is a neighborhood within the New York City borough of Queens. It is bordered by Astoria to the north; the East River to the west; Sunnyside to the east; and Newtown Creek, which separates Queens from Greenpoint, Brookl ...

, 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.

History

1995-2007

Cynergy Data was founded in 1995 by Marcelo Paladini as a support organization for those selling electronic payments processing to merchant businesses. In 1997,

Inc. Magazine ''Inc.'' is an American business media company founded in 1979 and based in New York City. ''Inc.'' publishes several print magazine issues per year, and is anchored by journalistic content online and on social media, focused on entrepreneurship a ...

featured 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". In 2006, Inner City 100 ranked Cynergy Data as number 36 on their list of fastest-growing private companies based in U.S. cities. In April, Cynergy Data acquires Abanco International merchant portfolio and payment gateway services. The acquisition allowed the company to process billions of credit card and other electronic payments annually. The Nilson Report ranks Cynergy #31 of top U.S. merchant acquirers.

2008-present

The company partnered with Déjavoo Systems in 2008 to develop merchant solutions. That same year, point-of-sale provider AccuPOS formed an integration partnership with Cynergy Data's LUCY payment gateway. Cynergy Data was added to Inc. Magazine's Hall of Fame for making its Inner City 100 list five years in a row. In 2008 the Ernst & Young Entrepreneur of the Year Award in the NY Metropolitan area was to Cynergy Data CEO in the Services Category. In 2009, Cynergy Data filed a liquidating

Chapter 11 Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

plan, with the warning that its assets would only cover lawsuit from holders of first-lien debt. It later received approval from the

United States bankruptcy court United States bankruptcy courts are courts created under Article I of the United States Constitution. The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. United States bankruptcy ...

for the sale of its assets. Cynergy Data selected TSYS as its preferred provider of authorization, settlement and dispute resolution services. Kim Fitzsimmons was CEO of the company from 2012 to 2013. In November 2013, Afshin Yazdian was appointed President & CEO of Cynergy Data.

References

{{reflist Financial services companies established in 1995 Financial services companies of the United States Companies based in Fulton County, Georgia Privately held companies of the United States Privately held companies based in Georgia (U.S. state) Companies established in 1995 1995 establishments in Georgia (U.S. state) Companies that filed for Chapter 11 bankruptcy in 2009 Alpharetta, Georgia