TSYS has increased its stake in its Central Payment joint venture from 60% to 75%. Cpay founders Matt and Zach Hyman, twin brothers who own the remaining portion of the venture, have agreed to stay on as co-managing directors for the next three years.
"Under the leadership of Matt and Zach, the value of Central Payment has more than doubled to $250 million in the 18 months we have owned it," Mark Pyke, president of TSYS' Merchant Services segment, says in a Feb. 20 press release. "Our increased investment and extension of our relationship with the Hymans are testament to how well this partnership is working."
"Our success at CPay is largely because of the outstanding group of sales agents that we deploy across the country," Zach Hyman says in the release. "We are able to leverage TSYS' single platform strategy to present a compelling value proposition to help attract some of the best talent in the industry."
San Rafael, Calif.-based Cpay operates as a direct merchant acquirer, servicing small and medium-sized merchants through independent sales agents.
Cpay, which was founded in 2005, specializes in the restaurant, personal services and retail sectors, the release says. In 2012, it was named one of the fastest growing private companies in the United States by Inc. magazine for the fourth consecutive year. In August 2012, the founders entered into a Joint Venture with TSYS, which became the majority owner.
Columbus, Ga.-based TSYS, a processor and acquirer, has offices around the world.