HIG Capital's April acquisition of Pegasus Financial Services has resulted in the creation of Onyx Payments, which will process payments and provide financial services software to the hotel and travel agency industries.
Dallas-based Onyx Payments will serve more than 40,000 hotels and 60,000 travel agencies worldwide, building on Pegasus' 20 years of experience, HIG Capital states in a Nov. 4 press release.
"Onyx Payments embodies the spirit of our company by combining our foundation as a reliable and dependable partner with a renewed focus toward innovation and creativity," Mark Dubrow, president and CEO of Onyx Payments, states in the release.
Onyx Payments has already begun making investments in new technologies for a cloud-based data center and the development of customer reporting tools.
The leadership team, including Dubrow, and most Pegasus employees remained after the transition. "It was important that we make this transition to Onyx Payments as seamless as possible for both our clients and internal team," Dubrow says.
Onyx Payments operates a global payment network and provides hotel and travel agency customers with services such as commission receipt and disbursement; foreign currency exchange; invoicing; and reconciliation and tracking.
The company says it facilitates in excess of $500 million in payments annually.
Onyx Payments has regional hubs in London, Sao Paulo, Singapore and Scottsdale, Ariz.