Finance Breaking news Paya to buy The Payment Group last financial news

Breaking-Finance.Com - Paya, a leading provider of integrated payment and commerce solutions, has announced that it has signed a definitive agreement to acquire The Payment Group (“TPG”).

Finance Breaking news Paya to buy The Payment Group last financial news

Breaking-Finance.Com - Paya, a leading provider of integrated payment and commerce solutions, has announced that it has signed a definitive agreement to acquire The Payment Group (“TPG”).

Finance Breaking news Paya to buy The Payment Group last financial news
21 September 2020 - 16:00

Breaking-Finance.Com - TPG provides integrated payment solutions to more than 600 utility and municipal government clients, linking all payments with their existing accounting and business management software. This marks Paya’s second acquisition in the government and utilities integrated payments space. Paya is a portfolio company of GTCR, a leading private equity firm. TPG is a portfolio company of Thompson Street Capital Partners.Paya will invest in TPG’s sales efforts, supplement TPG’s technology offerings, and broaden marketing efforts to increase the adoption of electronic payments among TPG’s current customer base. In addition, Paya will integrate TPG’s online billing and software applications into Paya Connect, its end-to-end payments platform. By adding TPG’s applications, Paya Connect will be able to enhance its suite of integration tools, as well as the commerce solutions it provides to Paya’s partners and their clients.Since 2003, TPG has worked closely with municipalities to provide differentiated solutions that allow consumers to pay their court and utility bills digitally. TPG offers electronic bill presentment and payment solutions that are directly integrated into the workflow of the municipality’s core software, increasing electronic payment adoption, streamlining collection cycles, and reducing friction for the consumer to a roster of 600+ clients.“TPG perfectly complements our already robust capabilities in the government and utilities sectors,” said Jeff Hack, CEO of Paya.

.”“This combination benefits TPG clients by offering them expanded services for their constituents,” said Ariel Kunar, CEO of TPG. “We are excited to leverage Paya’s extensive resources and reputation for excellent service to municipal and utilities clients.”The acquisition continues Paya’s strategic approach to enhance Paya’s scale, expand into new verticals, add product capabilities and embed payments in vertical software. Paya previously acquired Stewardship Technology in late 2018 and First Billing Services in 2019, which expanded its growth and product offerings in the non-profit and government spaces, respectively.“The deep expertise, technology, and proven success that the TPG team has achieved with government clients complements the work Paya has already undertaken to enable the highly flexible, vertically tailored, and integrated commerce solutions,” said KJ McConnell, Principal at GTCR. “The COVID-19 pandemic is accelerating the shift to digital payments, and TPG provides an affordable solution to smaller municipalities to enable citizens to pay their bills online.”The transaction is expected to close in early October. The acquisition follows Paya’s announcement in August of its intent to merge with publicly-traded special-purpose acquisition company FinTech Acquisition Corp. III (FTAC). Upon the closing of the merger, which is expected to take place in Q4 2020, Paya will trade on the Nasdaq stock exchange under the ticker “PAYA.” 

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Finance Breaking news Paya to buy The Payment Group last financial news


Finance Breaking news Paya to buy The Payment Group last financial news


Finance Breaking news Paya to buy The Payment Group last financial news


Finance Breaking news Paya to buy The Payment Group last financial news

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