Cynergy Data has named Afshin Yazdian as its new CEO, while outgoing CEO Kim Fitzsimmons will remain with the company as a member of the board and take on a strategic role with Comvest Partners, Cynergy's private equity investor.
The changes highlight Cynergy's renewed focus on expansion, the company said in a Nov. 11 press release.
"I am so excited about everything that we have worked hard to build over the past few years and believe the company is now well positioned for the future," Fitzsimmons said in the release. "I know Cynergy will thrive with Afshin's experience and vision at the helm."
Fitzsimmons was named one of PaymentsSource's Most Influential Women in Payments this year.
Yazdian joins Cynergy with more than 14 years of experience in merchant processing, most recently as president of Boca Raton, Fla.-based TouchSuite. Previously, Yazdian was executive vice president and general counsel for iPayment Inc. from its founding in 2001.
"I have no doubt that with our people, our products and our systems, Cynergy will become one of the dominant players in the next phase of the payment processing industry." Yazdian said in the release. "Kim and our management team have put the Company in a position to allow us to focus on growth, both organically, with the expansion of our various sales programs and products, and through acquisitions, with the financial support of our equity sponsor Comvest."
"We are excited to have Afshin on board, and look forward to supporting the company's acquisition strategy as the payment processing industry continues to consolidate" said Michael Falk, managing partner of Comvest, in the release. "Cynergy has the leadership, the infrastructure and the capital necessary to efficiently integrate strategic acquisitions."