Paya, which provides integrated payments and commerce solution, has acquired Paragon Payments Solutions for an unknown sum.
Founded in 1994, Paragon is an integrated payments solutions provider with focus on the non-profit and healthcare verticals.
Paya said Paragon’s omnichannel solutions offering, partner-centric distribution model, payment agnostic platform, and card-not-present volume mix is complementary to its business.
Paragon, which processes approximately $1.5bn in payment volume annually, has been a Paya distribution partner since 2011.
Paya CEO Jeff Hack said the acquisition further expands the company’s presence within the non-profit and healthcare verticals.
Hack added:“Through the addition of a high-quality, growing roster of software partners in key verticals, we are able to leverage Paya’s scale and expertise to further accelerate growth while delivering accretive financial returns to our shareholders.”
Paragon CEO Roy Bricker will assist the joint integration efforts, specifically focusing on the combined product and solution innovation agenda.
Paragon president Brock Robertson will join Paya to help lead ISV sales efforts, driving further growth across the combined businesses.
The latest deal marks Paya’s fourth acquisition.
Last September, Paya entered into a deal to acquire The Payment Group, a portfolio company of Thompson Street Capital Partners.
In August last year, the firm agreed to merge with FinTech Acquisition III, a special purpose acquisition company.
In 2019, Paya acquired First Billing Services, a provider of electronic bill presentment and payment solutions based in Ohio.