US-based integrated payment solutions provider Repay Holdings has acquired the accounts payable (AP) automation provider cPayPlus for $16m.

Under the deal terms, REPAY paid $8m in cash at deal closing for the acquisition.

The remaining amount will be paid in the third quarter of 2021, subject to achievement of certain growth targets.

cPayPlus aims to employ REPAY integration-oriented competencies to quickly unlock an estimated $10trn market for SMB AP payment volume.

Founded in 2017, Salt Lake City-based cPayPlus delivers AP automation to a variety of industries such as automotive, property management, and field services.

The company currently manages over 26,000 enrolled supplier relationships.

cPayPlus CEO Darin Horrocks said: “The already high need for our product has been amplified since the onset of the Covid-19 pandemic.

“REPAY’s extensive resources will enable us to take advantage of this demand and develop more complete B2B offerings for our clients.”

For Repay, the acquisition will enable it to offer both AP automation and payment solutions to its existing client base.

REPAY CEO John Morris said: “The cPayPlus acquisition will strengthen our AP automation offering, further enabling us to deliver best-in-class solutions that address all of our clients’ AR and AP automation and payment needs.

“We are thrilled to welcome the cPayPlus team into the REPAY family.”