Sphere Announces Agreement to Divest Commercial Division
Friday, October 20, 2023
Sphere tightens strategic focus on integrated payment solutions for healthcare, not-for-profit, and complex verticals.
NASHVILLE, Tenn., Oct. 12, 2023 /PRNewswire/ -- Sphere, a leading provider of end-to-end integrated payments and software, today announced it has entered into an agreement to sell its Commercial Division, a business unit serving primarily non-integrated SMB retail customers, to NMI, a leading full commerce enablement company.
With this sale, Sphere is able to sharpen its focus on delivering fully-integrated payment and software experiences highly specialized for the healthcare and not-for-profit sectors and other complex markets.
"Sphere's founding mission is to revolutionize software integration for smoother and more secure payment experiences in key industries," said Andrew Rueff, Executive Chairman at Sphere. "Divesting this non-core division allows us to strengthen our commitment and expertise in delivering specialized, vertically-integrated solutions and improved, tech-driven financial experiences."
Sphere will continue its focus on specialized integrated verticals with market-leading payments solution providers:
-- TrustCommerce(®), a leading healthcare gateway, security software and
payment processing provider with native EHR integrations into large
integrated delivery networks and acute care facilities
-- Health iPASS, a fully integrated suite of patient engagement software
solutions which streamline the patient experience while driving patient
payment yield for healthcare providers
-- Qgiv, a leading digital fundraising software platform offering
nonprofits a platform designed to increase donor engagement, online
donations and payments
"NMI is a long-tenured leader in payments and closely aligns with the strategic direction of the Commercial Division," said Steve Rizzuto, President, Sphere Management Company. "We are excited for the future of this division as part of NMI and will provide continuing support for a smooth transition."
William Blair served as financial advisor to Sphere in connection with the transaction. Terms of the acquisition are undisclosed, and this transaction will not affect any of Sphere's other entities.
About Sphere
Sphere is a cloud-based, vertically integrated software and payments technology company with an established market leading presence in the healthcare, non-profit, and other high-growth complex sectors.
Sphere delivers solutions that are trusted by more than a third of the 100 largest health systems in the US and thousands of independent medical providers across the country to facilitate and drive secure payments by having Sphere's software solutions highly integrated into clients' workflows, patient billing systems, and electronic health records. Sphere also provides fundraising software solutions and tools to 8,000 nonprofits in the US and Canada, and maintains key integrations in other high growth complex verticals.
Media Contact:
Michelle Ronan Noteboom
Amendola Communications
mnoteboom@acmarketingpr.com
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SOURCE Sphere
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