Audax Private Equity and Lovell Minnick Partners (LMP) announced a joint investment in Fortis, a payments technology leader for software providers, ERP customers, and scaling businesses. This investment, which closed on March 11, 2025, will enable Fortis to continue seeking to drive innovation and operational excellence, enhance its product and service offerings, accelerate its M&A growth strategy, and scale infrastructure to meet businesses’ evolving needs. The terms of the investment were not disclosed.
Launched in 2010 and based in Plano, Texas, Fortis has distinguished itself in embedded payments, delivering payment-enabled solutions to software partners, developers, and their businesses. Through its proprietary and integrated platform, Fortis bolsters the software capabilities of its clients via secure, end-to-end payment solutions, facilitating a reliable and seamless omnichannel payment experience for businesses. Fortis processes billions of dollars in payments annually.
LMP made its initial investment in Fortis in December 2019. Since then, the company has expanded its reach across the B2B enterprise and software ecosystem, providing tailored payment solutions to drive efficiency and improve customer and business experiences.
Since LMP’s investment in 2019, Fortis has completed over 10 acquisitions that have enhanced the company’s integration capabilities and vertical specialization. Greg Cohen, appointed executive chairman parallel to LMP’s initial investment, has served as CEO since July 2021.
William Blair served as Fortis’ sell-side advisor, while Morgan Lewis served as legal counsel. And Raymond James served as the buy-side advisor to Audax Private Equity, while Kirkland & Ellis provided legal counsel to both Audax Private Equity and LMP.
KEY QUOTES:
“When we first invested in Fortis in 2019, we were drawn to the founders’ vision and the strength and capabilities of the company’s technology. We’re pleased to offer both financial and operational support to advance the company’s mission of offering an unparalleled, holistic commerce experience to its customers.”
- Trevor Rich, Partner at LMP
“The management team, led by CEO Greg Cohen and Co-Founder Jimmy Nafso, have positioned Fortis as a leader in the embedded payments industry. We’re looking forward to continuing to support the company as they build on this momentum and partnering with the Audax team to shape the future of embedded commerce.”
- Spencer Hurst, Principal at LMP
“Fortis’ ability to simplify very complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain. In our opinion, the Fortis API unlocks omnichannel strategies for businesses and unifies all transaction data to create a single ‘source of truth’ – a powerful value proposition that differentiates Fortis’ software partners, merchants who leverage the technology, and the company itself.”
- Tim Mack, Partner at Audax Private Equity
“We’re excited to invest alongside LMP and support an exceptional management team that has built a scaled and differentiated player in the integrated-payments processing space. Given the company’s track record driving organic and inorganic growth, we believe Fortis represents a compelling fit for our Buy & Build approach.”
- William Allen, a Managing Director at Audax
“The payments market is undergoing a fundamental transformation, with software platforms needing sophisticated payment capabilities that go far beyond basic processing. Our philosophy around a sound business model, management team, and capital structure is critical as our organization and the market continues to mature. LMP has been a tremendous partner over the past five years who intimately understands the financial services and payments landscape. The addition of Audax adds financial strength, market expertise, and deep operational resources to accelerate our product roadmap, pursue strategic acquisitions, and expand our global footprint.”
- Greg Cohen, CEO of Fortis
