FortisPay Payment Systems has acquired OmniFund, which offers cloud-based payments technology to businesses across different sectors.

The financial terms of the transaction were not divulged.

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Founded in 2005, OmniFund seeks to simplify the complex challenges in payment processing. The company’s Payments-as-a-Platform solution includes credit-card processing, recurring payments, mobile payments, SMS payment requests and a virtual terminal among other features.

The firm has existing alliances with a range of software companies that are primarily focused on finance and health care.

The acquisition will provide FortisPay with access to software enablement technologies and new partnerships.

It will also help the firm to expand its platform of offerings and capabilities.

Commenting on the deal, FortisPay CEO Greg Cohen said: “This represents an exciting expansion of our platform.

“OmniFund has developed a full technology stack with additional commerce enablement features that will make our unified offering unmatched in our target markets.

“The addition of Stacy and her team to our family is exciting as they share our passion for making software partners better through technology and amazing experiences.”

Under the terms of the transaction, OmniFund CEO Stacy Roderick will join FortisPay leadership team along with her team.

Roderick said: “We are excited to join FortisPay during a time when the company is rapidly expanding.

“FortisPay offers the market a truly modern, fully integrated commerce and payment facilitation experience, and OmniFund’s customised technology will further enhance their platform.

Continuing expansion

FortisPay has been focusing on bolstering its suite of products and its market reach through acquisitions, geographical expansion, and new partnerships.

The latest deal follows the acquisition of EpicPay International and integrated payment solutions provider Change Merchant Solutions in May this year.

The firm also made its entry to Canada this year.