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