MGI Research

Friday, Nov 27th

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MGI 360 Ratings - Payrix in Commerce & Payment Platforms

MGI 360 LogoSUMMARY: We are initiating the MGI 360 Rating of Payrix in the Commerce and Payment Platforms (CPP) market at 51 and a Neutral outlook.
OPINION: Payrix enables SaaS & ISV providers to monetize their installed client base by adding seamless digital payment processing. The Payrix  solution offers two tiers of capability, starting with a basic payment integration similar to that offered by companies like Stripe. At the next  level of functionality, Payrix offers a white label payment solution so that companies can re-sell and completely monetize payment capability with their clients, become a full Payment Facilitator (PayFac) and integrate fraud screening and on-boarding management into their offerings.  The solution is accessible via API and can be fully white-labeled so that end-clients interact only with their SaaS/ISV supplier which reduces complexity and cost. 
USE CASE: ISV/SaaS companies and digital goods and services providers looking to generate incremental revenue by offering a white label seamless payment processing capability to their installed base.
COMPANY DESCRIPTION: Payrix’ management team combines veterans software industry with payments & PayFac experts. The firm is headquartered in Frisco, Tx with offices in Atlanta, New York and Miami. The company is focused on SaaS/ISV vendors in the leisure, CRM and subscription management space. Payrix raised $22m in April 2019 and extended its Series A in 2020 for a total raised so far north of $50 Million. The firm is presently focused on North America, with plans underway for international expansion. We estimate a total headcount of about 60 FTE we revenues around $32 Mil, and topline growth above 100%. The company is near break-even.
COMPETITORS: Stripe Connect, WePay, Finix, CardConnect, ProPay (TSYS-GlobalPayments)
MGI 360 Ratings is a comprehensive system for evaluating technology companies. IT organizations use MGI 360 to track suppliers, assess purchasing risks and identify promising new vendors. Vendors utilize MGI 360 to track their markets and evaluate partners. Institutional investors use MGI 360 for independent assessment of tech companies. MGI 360 ratings help lower costs, save time, reduce risks, and identify new opportunities.
The MGI 360 ratings are on a scale from 0 to 100 and reflect company opinions of MGI analysts in five key areas on a scale of 0 to 20:
  • PRODUCT: How strong is the product competitive position?
  • MANAGEMENT: How competent and experienced is the management team?
  • CHANNELS: Does the company have a sales capability and channels needed to bring products to market?
  • STRATEGY: Does the company have a realistic view of the opportunity and a compelling strategy for success?
  • FINANCE: Is the company growing and profitable?
Each of these key criteria is subdivided into numerous sub-categories. In total, over 149 criteria are combined to generate an MGI 360 rating in each specific market space. Companies can have one or more MGI 360 rating - one for each market. MGI 360 ratings are revised as important developments occur. While the MGI 360 rating process is comprehensive, this scoring system is not meant to be a predictor of company solvency, liquidity, absence of accounting fraud or stock performance. Access to MGI 360 Ratings is by subscription.
MGI Research is an independent industry research and advisory firm focused on disruptive trends in the technology industry. Through ratings, industry benchmarks, best practices groups, subscription research, market forecasts, advisory engagements, industry studies and conferences, MGI Research helps clients identify opportunities for reducing IT costs and minimize technology risks. MGI Research analysts work closely with business and technology organizations to help make timely go/no-go IT investment decisions, optimize vendor relationships, and create practical strategies for new initiatives in agile billing, payments management, order management, CPQ, contract lifecycle management and other elements of agile monetization platform (AMP).
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