Nuvei, a Canadian fintech firm, announced an all-cash deal to acquire Paya, a US payments firm, for US$1.3 billion.
Paya is a pure-play integrated payments platform that serves customers in B2B, government, utilities, non-profit, and healthcare sectors.
Paya processes over $45 billion in annual payment volume and serves over 100,000 end users via over 2,000 software vendors and other key distribution partners.
GTCR, a private equity firm, acquired Paya and was its largest shareholder in 2017. Paya will then be listed on the NASDAQ in October 2020.
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Since the initial corporate carveout from Sage, the company has worked side-by-side with our team to implement a growth strategy centered on investing in technology and an enhanced product suite to reach new customers in attractive markets.”
said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR.
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Together, we were able to leverage GTCR’s deep domain expertise in payments and Paya’s leading-edge solutions to execute an organic growth and M&A investment plan that has established the company as one of the leading providers of integrated payments solutions.”
source: Fintech News America