Paya Acquires Integrated Payments Platform The Payment Group
- The deal is expected to be closed in early October, however, the involved financials are not known.
Paya Inc. has announced today the acquisition of The Payment Group (TPG), a company offering integrated Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term solutions to over 600 utility and municipal government clients.
Being an integrated payments solution provider itself, Paya is aiming to significantly increase its market share with this acquisition. In fact, the company highlighted that the deal was inked as a part of its strategic approach to expand into new verticles and add new products.
“TPG perfectly complements our already robust capabilities in the government and utilities sectors,” Paya CEO, Jeff Hack said in a statement. “The acquisition will allow us to provide enhanced solutions to local governments and municipalities as they offer their residents the ability to make digital payments for services like utility and court bills.”
The press release detailed that Paya will invest in TPG’s sales efforts and supplement its technology offerings. The company will further broaden TPG’s marketing efforts, aiming to increase its current customer base.
Additionally, Paya will add its new subsidiary’s online billing and software applications to Paya Connect, its proprietary end-to-end payments platform.
Going Public
This is the third acquisition of Paya as it bought Stewardship Technology in late 2018 and First Billing Services last year.
The latest acquisition followed the public listing of Paya’s stocks on NASDAQ as the company completed its reverse merger with Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Acquisition Corp III, a special purpose acquisition company (SPAC). Although, GTCR, the existing parent company of Paya, continued to be the largest shareholder of the merged entity.
“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,” KJ McConnell, Principal at GTCR, said.
“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.”
Paya Inc. has announced today the acquisition of The Payment Group (TPG), a company offering integrated Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term solutions to over 600 utility and municipal government clients.
Being an integrated payments solution provider itself, Paya is aiming to significantly increase its market share with this acquisition. In fact, the company highlighted that the deal was inked as a part of its strategic approach to expand into new verticles and add new products.
“TPG perfectly complements our already robust capabilities in the government and utilities sectors,” Paya CEO, Jeff Hack said in a statement. “The acquisition will allow us to provide enhanced solutions to local governments and municipalities as they offer their residents the ability to make digital payments for services like utility and court bills.”
The press release detailed that Paya will invest in TPG’s sales efforts and supplement its technology offerings. The company will further broaden TPG’s marketing efforts, aiming to increase its current customer base.
Additionally, Paya will add its new subsidiary’s online billing and software applications to Paya Connect, its proprietary end-to-end payments platform.
Going Public
This is the third acquisition of Paya as it bought Stewardship Technology in late 2018 and First Billing Services last year.
The latest acquisition followed the public listing of Paya’s stocks on NASDAQ as the company completed its reverse merger with Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Acquisition Corp III, a special purpose acquisition company (SPAC). Although, GTCR, the existing parent company of Paya, continued to be the largest shareholder of the merged entity.
“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,” KJ McConnell, Principal at GTCR, said.
“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.”