Cynergy Data

Cynergy Data

Company type	Private
Industry	Payment service provider
Founded	1995
Founder	Marcelo Paladini
Defunct	2014
Fate	Merged with Priority Payments to form Priority Technology Holdings
Headquarters	Alpharetta , United States
Area served	United States
Key people	Kim Fitzsimmons (CEO 2012–2013), Afshin Yazdian (President and CEO from November 2013)

Cynergy Data was a U.S.-based payment service provider with its main office located in Alpharetta, Georgia and an operational hub situated in Long Island City, New York.

Following a bankruptcy filing, the private equity firm Comvest Group acquired Cynergy Data in 2009. Subsequently, in 2014, Cynergy Data combined forces with Priority Payments, resulting in the creation of Priority Technology Holdings.

Prior to its bankruptcy proceedings, Cynergy Data earned recognition from Inc. magazine on three occasions as one of the fastest-expanding privately owned companies in the United States. The company entered bankruptcy protection in 2009.

1995 - 2007

Marcelo Paladini founded Cynergy Data in 1995, initially focusing on supporting merchants by providing electronic payment processing services.

By 1997, Inc. Magazine had recognized Cynergy as one of the fastest-growing privately held firms in the nation. The company recorded a 33% increase in sales during 2001 and secured the 451st position on the list. In 2002, the Hispanic Chamber of Commerce of New York City honored its founders with the "Entrepreneurs of the Year" award.

In 2006, Cynergy Data was ranked 36th by Inner City 100 among the fastest-growing private enterprises across U.S. metropolitan areas. The same year, it expanded its capabilities by acquiring Abanco International’s portfolio of merchants along with their payment gateway services, enabling the processing of billions of credit card and electronic transactions annually.

2008 - 2014

During 2008, Cynergy Data collaborated with Déjavoo Systems to create merchant-focused solutions. Additionally, point-of-sale provider AccuPOS integrated its system with Cynergy’s LUCY payment gateway. That year, Inc. Magazine inducted Cynergy Data into its Hall of Fame for appearing on the Inner City 100 list five years running.

In 2009, Cynergy Data submitted a liquidating Chapter 11 plan, indicating that its assets would primarily cover claims from first-lien creditors. The U.S. bankruptcy court subsequently authorized the sale of these assets. For authorization, settlement, and dispute resolution services, Cynergy selected TSYS as its preferred partner.

Kim Fitzsimmons held the position of CEO between 2012 and 2013. In November of 2013, Afshin Yazdian was named President and CEO.

2014 Merger

In 2014, Priority Payments and Cynergy Data combined their operations, resulting in the creation of Priority Technology Holdings and the discontinuation of the Cynergy Data brand.