PLANO, TX / BOSTON / NEW YORK – Audax Private Equity and Lovell Minnick Partners (LMP) announced a joint investment in Fortis, a leading payments technology provider for software developers, ERP customers, and scaling businesses. The investment, which closed on March 11, 2025, will enable Fortis to drive innovation and operational excellence, expand its product and service offerings, accelerate its M&A growth strategy, and scale infrastructure to meet evolving market demands. Terms of the transaction were not disclosed.
Strengthening Fortis’ Position in Embedded Payments
Founded in 2010 and based in Plano, Texas, Fortis specializes in embedded payments, offering secure, end-to-end payment solutions that enhance software partners’ capabilities and streamline multi-channel payment experiences. Since LMP’s initial investment in December 2019, Fortis has expanded its B2B enterprise and software ecosystem reach, providing tailored payment solutions that improve efficiency and customer engagement.
Trevor Rich, Partner at LMP, stated:
“When we first invested in Fortis in 2019, we were drawn to the founders’ vision and the strength of the company’s technology. We’re pleased to continue supporting Fortis financially and operationally as it advances its mission of offering an unparalleled, holistic commerce experience.”
Spencer Hurst, Principal at LMP, added:
“The Fortis management team, led by CEO Greg Cohen and Co-Founder Jimmy Nafso, has positioned the company as a leader in embedded payments. We look forward to building on this momentum alongside Audax as we shape the future of embedded commerce.”
Audax Sees Fortis as a Key Player in Payments Innovation
Tim Mack, Partner at Audax Private Equity, commented:
“Fortis simplifies complex, multi-channel payment environments through a single integration point, creating a critical link in the payments value chain. The company’s API-driven platform enables omnichannel strategies and unifies transaction data into a single ‘source of truth,’ a powerful differentiator for Fortis’ software partners and merchants.”
Since LMP’s investment in 2019, Fortis has completed more than 10 acquisitions, strengthening its integration capabilities and vertical specialization. CEO Greg Cohen, who originally joined as executive chairman, has led the company since July 2021.
William Allen, Managing Director at Audax, added:
“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 space. Given Fortis’ track record of driving both organic and inorganic growth, we believe it’s a strong fit for our Buy & Build approach.”
Fueling Fortis’ Next Phase of Growth
Greg Cohen, CEO of Fortis, emphasized:
“The payments market is undergoing a fundamental transformation, with software platforms needing advanced payment capabilities beyond basic processing. As our company and the market continue to mature, a sound business model, strong management team, and robust capital structure are critical. LMP has been an outstanding partner over the past five years, and Audax brings additional financial strength, market expertise, and operational resources to accelerate our product roadmap, strategic acquisitions, and global expansion.”
Advisors on the Transaction
- William Blair served as sell-side advisor to Fortis.
- Morgan Lewis provided legal counsel to Fortis.
- Raymond James advised Audax Private Equity on the buy-side.
- Kirkland & Ellis provided legal counsel to both Audax Private Equity and LMP.
This investment positions Fortis for accelerated growth, further cementing its leadership in embedded payments and commerce enablement.
