Canadian Fintech Nuvei Acquires Paya in US$1.3 Billion Deal

Canadian Fintech Nuvei Acquires Paya in US$1.3 Billion Deal

by January 11, 2023

Canadian fintech Nuvei announced that it has inked a deal to acquire U.S. payments firm Paya in an all-cash transaction for US$1.3 billion.

Paya is a pure-play integrated payments platform serving customers in markets such as B2B, government, utilities, non-profit and healthcare end markets.

In total, Paya processes over US$45 billion of annual payment volume and serves over 100,000 end-customers through over 2,000 software vendors and other key distribution partners.

Startup Competition venture

Private equity firm GTCR had originally acquired Paya and was its largest shareholder in 2017. Paya then became a NASDAQ-listed public company in October 2020.

Aaron Cohen

Aaron Cohen

“Nuvei’s acquisition of Paya marks a significant milestone in the transformation of this business.

 

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.

Jeff Hack

Jeff Hack

“Today is the culmination of a five-year journey for the Paya business alongside GTCR, and we see a very bright future for Paya with Nuvei. GTCR has been an exceptional partner.

 

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.”

said Jeff Hack, Paya CEO.

 

 

featured image credit: edited from Unsplash