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.
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.
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
