HIG Capital’s portfolio company Onyx Payments has acquired Norway-based Net Trans Services and Spain-based Worldwide Payment Systems (WPS).
Headquartered in Dallas, Texas, Onyx acts as a global clearinghouse for hotel commissions, processing transactions in over 200 countries and 29 currencies. As a result of the acquisitions, the company will seek to eliminate payment processing barriers and improve efficiencies, while increasing commerce transparency between hotels and travel distributors.
"We are pleased to support Onyx in its acquisitions of Net Trans Services and Worldwide Payment Systems," says William Nolan, a managing director of HIG Capital. “The acquisition will expand Onyx’s geographic footprint and enhance our capabilities to serve the travel industry.”
The two acquisitions further augment Onyx’s service offerings to both the supply and demand sides of the travel industry. Net Trans provides a complete hotel commission recovery and reconciliation service for travel agencies and other hotel booking professionals worldwide, and WPS adds substantial commissions volume from its member hotel base to the Onyx network.
"We are very excited about this next stage of growth for Onyx," says Mark Dubrow, chief executive officer of Onyx Payments. "By combining our businesses, we will be able to provide our customers with valued services, increased speed of payments and improve the value chain between travel distributors and hotels. The new Onyx has the innovation, size and financial stability to make the commerce services we provide even more attractive to the multi-national companies that rely on us to process close to a billion dollars in commissions annually.”
