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.

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.

“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.

“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.

This article first appeared on Fintech News Switzerland.