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June 20, 2022

Payment technology firm Paya weighs sale amid takeover interest

Paya Holdings, an integrated payments and commerce solution provider, is exploring options of sale after receiving takeover interest, reported Bloomberg News citing people familiar with the development.

The firm is said to be working with an adviser on the sale process.

The current host of bidders for Paya includes large, publicly-traded payments companies, according to unnamed sources.

The sources said that the firm is yet to sign any agreement and talks could end without one. The company may also decide to stay independent, they added.

A representative for Paya did not comment on the news.

The firm helps insurers, nonprofits, utilities, and other customers collect payments and process checks, among other services. 

In 2020, Paya went public through a merger with a special purpose acquisition company backed by serial dealmaker Betsy Cohen.

This January, Paya acquired VelocIT Business Solutions, which provides integrated, omnichannel payment solutions to accounting and ERP partners.

Last year, the firm scooped up Paragon Payments Solutions.

Ongoing consolidation

The news comes as the payment industry witnesses increasing consolidation globally. In recent years, several large firms, including Global Payments and Fiserv, took over smaller rivals in a bid to diversify their product suite and expand their footprint.

Recently, corporate payments firm Fleetcor Technologies signed a deal to buy London-based cross-border payments company Global Reach Group.

Earlier this month, African digital payments network MFS Africa struck a deal to buy US-based fintech Global Technology Partners.

Italian payment firm Nexi also signed a deal this month to purchase merchant acquiring and POS management businesses of BPER Banca and its Banco Di Sardegna subsidiary in a deal worth up to $412m.

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