Montrea’s Nuvei is acquiring U.S. rival Paya in an all-cash transaction valued at approximately $1.3 billion.
Nuvei (NASDAQ: NVEI) (TSX: NVEI) is a fintech accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services.
Atlanta-based Paya went public in 2020 (NASDAQ: PAYA) and offers integrated payments and commerce solutions that help insurers, utilities, nonprofits and other customers collect payments and process checks, among other services.
“The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business (“B2B”),” said Philip Fayer, Nuvei’s Chair and Chief Executive Officer.
“The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan.”
Nuvei plans to plug Paya’s integrated payment capabilities into its technology platform to enhance customer proposition and growth opportunities.
“We are pleased to have reached this transaction with Nuvei, which is a testament to the incredible talent at Paya, and will deliver immediate and significant cash value to Paya shareholders,” said Jeff Hack, Paya’s Chief Executive Officer.
“We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable end-markets, and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”