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 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.
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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.
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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.
