Payment technology company Paya looks at sale opportunities

An agreement hasn’t been reached for its sale and talks could end without one, or the company could still decide to remain independent, according to sources cited by Bloomberg.com.

The payments sector has been rapidly consolidating in recent years, as players such as Global Payments and Fiserv scooped up smaller rivals to add scale and diversify. The sector also enjoyed growth during the pandemic, which accelerated the shift to cashless payments, as per the press release.

Paya helps insurers, utilities, nonprofits and other customers collect payments and process checks, among other services, according to its website. It merged with a special purpose acquisition at the height of the SPAC craze. Its shares have fallen more than 50% since that deal closed. Chicago-based private equity firm GCTR is its largest shareholder, according to data compiled by Bloomberg.