As the merchant acquirer industry continues to evolve and consumer use of paperless transactions continue to grow, merchant acquirer companies are looking to differentiate with value-added products and services that capture greater share of market and customer loyalty. Cynergy Data, in its quest to capitalize on such value-based opportunities, has announced that it has acquired the assets of Chicago-based Abanco International. Abanco’s 15,000 merchant portfolio will be serviced by Cynergy Data bringing Cynergy Data’s total merchant customers to a new high of nearly 65,000 merchant accounts.  As a result of the acquisition, Cynergy Data will process $8.0 Billion annually. This makes Cynergy Data one of the 20 largest privately owned merchant acquirers in the U.S. market.

By combining Cynergy Data’s industry expertise and cutting edge technology platform with the key assets of Abanco International, Cynergy Data is better positioned to integrate new direct-to-merchant proprietary platforms to build on its future strength.  Cynergy Data’s virtual business management software system, called Vimas, is the cornerstone of Cynergy Data’s product offering.  It provides instant merchant application approvals through advanced technology, enabling greater flexibility and productivity.  Abanco’s proprietary front end gateway system allows for customizing merchant product solutions with faster authorization response.  Combining the two enables Cynergy Data to vertically market products and services to its Independent Sales Offices (ISO’s) such as petroleum, in-house gift and loyalty cards, signature capture, multi-lane programs (Supermarkets), and recurring payments, just to name a few of the advanced features that are now available to Cynergy Data customers.

“The Cynergy Data single-minded mission is growth, as measured by improving margins and winning and retaining new merchant customers.  We felt that Abanco had the right combination of assets including a direct-to-merchant sales structure, healthy merchant account portfolio and unique value-added product offerings.  This only re-enforces our commitment level to providing best in class service, technology, and pricing that is critical to growing our relationships.  Acquiring Abanco enables Cynergy Data to set strategies into action as we tackle a key must win battle that calls for Cynergy Data to become more engrained in our merchant customer’s business - with new service offerings, referral partner products and timely solutions,” said Marcelo Paladini, President & CEO at Cynergy Data.

“By joining the Cynergy Data team, Abanco customers are better positioned to charter a new course for sustainable growth in the electronic transaction payment processing industry.  Our merchants benefit as the Cynergy Data management team leverages the strengths of two well respected organizations to provide the most advanced products and services in this dynamic and growing business,” said Sam Buchbinder, former Chairman and CEO at Abanco.

Cynergy data will continue to be headquartered in New York City with the Abanco merchant services operation being absorbed into the Cynergy Data organization and their related Manhattan and College Point, NY, Plantation, FL and Dallas, TX offices.  Abanco also has a telemarketing sales office in Sarasota Florida and this office will remain open and serve as the sales execution center for driving new direct-to-merchant customer accounts for Cynergy Data.  Marcelo Paladini continues to lead the Cynergy Data organization as President & Chief Executive Officer.  In addition, Gustavo Ceballos is the Chief Financial Officer for Cynergy Data and Andres Ordonez, the creator of Vimas, will continue to lead all new software developments as Chief Information Officer.  It is expected that several components of the Abanco merchant services operation and related management organization will be integrated into Cynergy Data resulting in greater efficiencies and cost savings.