Payments solution provider Paya has entered into a definitive agreement to merge with FinTech Acquisition III, a special purpose acquisition company.

The deal involves an implied enterprise value of about $1.3bn for the combined company. The merged entity will operate as Paya after closing of the transaction.

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Following the merger, the management team at Paya will be led by CEO Jeff Hack and focus on the growth strategy of the company.

The company’s current majority equity holder GTCR will continue to be the combined company’s largest stockholder.

Paya CEO Jeff Hack said: “We are excited to partner with FinTech III to accelerate our path to becoming a public company and greatly appreciate GTCR’s continued investment and support.

” As a publicly listed company, we will continue to invest in the product innovation and support our software partners rely on to meet the needs of their clients, as well as have access to capital for additional strategic acquisitions.”

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Paya processes more than $30bn transactions for more than 100,000 customers per year. Its card and ACH platform, Paya Connect, helps to provide customised payments solutions to businesses.

The company offers its solution across various markets, including B2B goods & services, healthcare, government & utilities and education. The focus is on end markets with low penetration of electronic payments.

Expected to complete in the fourth quarter of this year, the merger is subject to FinTech III stockholder and regulatory approval.

In January last year, Paya acquired First Billing Services (FBS), which provides electronic bill presentment and payment solutions.