Following business combination with FinTech
Acquisition Corp. III, Paya plans further acceleration of growth
trajectory as a public company
Paya, a leading integrated payments and commerce solution
provider, and FinTech Acquisition Corp. III, a special purpose
acquisition company, announced today that they have completed their
previously-announced business combination. The business combination
was approved at a special meeting of stockholders of FinTech III on
October 15, 2020 and closed earlier today. Upon completion of the
business combination, the combined company changed its name to Paya
Holdings Inc. ("Paya" or the "Company"). Paya’s common stock will
begin trading on the Nasdaq Stock Market under the ticker symbol
“PAYA” commencing October 19, 2020.
Paya’s management team, led by CEO Jeff Hack, will continue to
execute the Company’s growth strategy. Paya’s existing majority
equity holder GTCR, a leading private equity firm, will remain the
Company’s largest stockholder.
Paya CEO Jeff Hack said, “Our completion of the transaction and
listing on the Nasdaq stock market is a testament to the hard work
of our dedicated and talented Paya colleagues, as well as our
strong software partner and customer relationships. We would
especially like to thank GTCR for their contributions to our
success, and we look forward to their continued partnership as our
largest shareholders and members of our Board.”
“As integrated payments expand, Paya’s vertically-tailored
solutions will continue to create value for our current and future
partners. Specifically, accounts receivable automation within the
B2B sector is still in the early stages for integrated payments
adoption. Our differentiated platform, Paya ConnectTM, combines
Card, ACH and Check acceptance, which is particularly important to
supporting accelerated adoption of integrated payments in this
segment. The same strong growth rates exist in our municipal,
utility, healthcare, not-for-profit, and education segments as
well,” Hack added.
During the COVID-19 pandemic, Paya has seen further acceleration
of growth within the key industry verticals it serves –
particularly within sectors such as nonprofits and governments,
which were unable to collect in-person payments amid shutdowns.
Companies that adopted integrated payments technology have been
able to ensure consistent revenue, helping them maintain day-to-day
operations during the pandemic.
As a public company, Paya has access to additional capital to
accelerate inorganic growth as well. Paya has already completed and
successfully integrated two accretive transactions since 2019:
First Billing Services, which provides municipal & utility
payments, and Stewardship which serves faith-based not-for-profits.
In both acquisitions, Paya ConnectTM was leveraged to provide
critical functionality and scale, and Paya expanded sales and
marketing efforts, resulting in nearly doubling the topline growth
rate of both businesses. Most recently, Paya closed the acquisition
of Dallas-based The Payments Group (TPG) on October 1, 2020, which
provides integrated payments solutions to over 600 local
governments, municipalities and courts.
Other Paya highlights include:
- Largest independent pure-play provider in the rapidly growing
integrated payments space with 85% card-not-present (CNP)
transactions
- Paya ConnectTM technology platform purpose-built for integrated
payments into business software with key features including
omni-channel payments acceptance, digital onboarding, e-invoicing
and billing capabilities, and advanced reporting
- Track-record of historical organic growth, strong operating
leverage and excellent cash flow generation as well as proven
ability to perform accretive M&A
- Seasoned and experienced management team with over 100+ years
of combined payments industry experience with organizations
including JPMorgan Chase, PayPal, First Data, and Vantiv
Evercore acted as exclusive capital markets and financial
advisor to Paya. William Blair acted as financial advisor to Paya.
Kirkland & Ellis LLP acted as legal counsel to Paya. Cantor
Fitzgerald & Co. and Northland Capital Markets acted as capital
markets advisors to FinTech III. Morgan Stanley acted as M&A
advisor to FinTech III. Ledgewood PC acted as legal counsel to
FinTech III. Morgan Stanley, Evercore and Cantor Fitzgerald &
Co. acted as private placement agents.
About Paya
Paya is a leading provider of integrated payment and
frictionless commerce solutions that help customers accept and make
payments, expedite receipt of money, and increase operating
efficiencies. The company processes over $30 Billion of annual
payment volume across credit/debit card, ACH, and check, making it
a top 20 provider of payment processing in the US and #6 overall in
e-Commerce. Paya serves more than 100,000 customers through over
2,000 key distribution partners focused on targeted, high growth
verticals such as healthcare, education, non-profit, government,
utilities, and other B2B goods and services. The business has built
its foundation on offering robust integrations into front-end CRM
and back-end accounting systems to enhance customer experience and
workflow. Paya is headquartered in Atlanta, GA, with offices in
Reston, VA, Fort Walton Beach, FL, Dayton, OH, Mt. Vernon, OH and
Dallas, TX.
About FinTech Acquisition Corp III
FinTech Acquisition Corp. III is a special purpose acquisition
company formed for the purpose of entering into a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses, with a
focus on the financial technology industry.
About GTCR
Founded in 1980, GTCR is a leading private equity firm focused
on investing in growth companies in the Financial Services &
Technology, Healthcare, Technology, Media & Telecommunications,
and Growth Business Services industries. The Chicago-based firm
pioneered The Leaders Strategy™ – finding and partnering with
management leaders in core domains to identify, acquire and build
market-leading companies through transformational acquisitions and
organic growth. Since its inception, GTCR has invested more than
$18 billion in over 200 companies.
Forward Looking Statements
This document includes “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward looking statements include estimated financial information.
Such forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
businesses of FinTech Acquisition Corp. III, Paya, Inc. or the
combined company after completion of the Business Combination are
based on current expectations that are subject to risks and
uncertainties. A number of factors could cause actual results or
outcomes to differ materially from those indicated by such forward
looking statements. These factors include, but are not limited to:
(1) the risk that the business combination disrupts current plans
and operations of Paya, Inc. (2) the ability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (3) costs related to the business
combination; (4) changes in applicable laws or regulations; (5) the
possibility that Paya, Inc. may be adversely affected by other
economic, business, and/or competitive factors; and (6) other risks
and uncertainties indicated from time to time in other documents
filed or to be filed with the SEC by FinTech Acquisition Corp. III
or the combined company. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. FinTech Acquisition Corp. III and Paya, Inc.
undertake no commitment to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201016005642/en/
Investor Inquiries William Maina 646-277-1236
Paya-IR@icrinc.com
Media Inquiries Kerry Close 212-784-5717
kclose@groupgordon.com
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