Repay to buy B2B payments solution provider CPS Payment Services

Thursday 29 October 2020 14:38 CET | News

US-based integrated payment solutions provider Repay Holdings has inked a deal to acquire accounts payable (AP) automation provider CPS Payment Services (CPS), reports Electronic Payments International.

The deal is valued at up to USD 93 million, including a payment of USD 78 million upon deal completion.

Repay will pay the remaining USD 15 million via two separate earnouts based on CPS’ performance until December 2021.

The deal will be financed using existing cash reserves, with completion anticipated in the fourth quarter of 2020.

Repay will cater to new sectors including education, government, and media, and boost its existing healthcare B2B business, through its acquisition of CPS.

Through the deal, Repay’s total B2B payments volume is expected to reach over USD 4 billion while its virtual card and enhanced ACH accepting supplier network is expected to expand to more than 50,000.

CPS is also expected to capture greater wallet share by cross-selling its new TotalPay solution to its existing customer base.

Founded in 2011, the US-based B2B payments and AP automation provider CPS uses an integrated software platform to process virtual cards, enhanced ACH, ACH, and check payments.

The company has created a proprietary database of over 20,000 virtual cards.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: repay, B2B payments, CPS Payment Services, M&A, acquisition, virtual cards
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech