Paya, a leading provider of integrated payment and commerce solutions, has announced that it has signed a definitive agreement to acquire The Payment Group (“TPG”). TPG provides integrated payment solutions to more than 600 utility and municipal government clients, linking all payments with their existing accounting and business management software. This marks Paya’s second acquisition in the government and utilities integrated payments space. Paya is a portfolio company of GTCR, a leading private equity firm. TPG is a portfolio company of Thompson Street Capital Partners.
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Paya will invest in TPG’s sales efforts, supplement TPG’s technology offerings, and broaden marketing efforts to increase the adoption of electronic payments among TPG’s current customer base. In addition, Paya will integrate TPG’s online billing and software applications into Paya Connect, its end-to-end payments platform. By adding TPG’s applications, Paya Connect will be able to enhance its suite of integration tools, as well as the commerce solutions it provides to Paya’s partners and their clients.
Since 2003, TPG has worked closely with municipalities to provide differentiated solutions that allow consumers to pay their court and utility bills digitally. TPG offers electronic bill presentment and payment solutions that are directly integrated into the workflow of the municipality’s core software, increasing electronic payment adoption, streamlining collection cycles, and reducing friction for the consumer to a roster of 600+ clients.
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“TPG perfectly complements our already robust capabilities in the government and utilities sectors,” said Jeff Hack, CEO of Paya. “The acquisition will allow us to provide enhanced solutions to local governments and municipalities as they offer their residents the ability to make digital payments for services like utility and court bills.”
“This combination benefits TPG clients by offering them expanded services for their constituents,” said Ariel Kunar, CEO of TPG. “We are excited to leverage Paya’s extensive resources and reputation for excellent service to municipal and utilities clients.”
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