Sphere tightens strategic focus on integrated payment solutions for healthcare, not-for-profit, and complex verticals.
Nashville, TN, October 12, 2023 —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.