Paya to go public as part of $1.3 billion FinTech III merger deal
Paya CEO, Jeff Hack, to remain on to lead the company's growth

Paya, an integrated payments and commerce solution provider, announced today a deal to merge with acquisition company FinTech III.
The combined companies will operate as Paya and will be listed on NASDAQ under the new symbol PAYA. The merger reflects an implied value of $1.3 billion.
Per the announcement, Paya CEO Jeff Hack will continue to lead the company. Paya’s existing majority equity holder GTCR will also remain as Paya’s largest stockholder.
Paya processes over $30 billion in electronic payments for over 100,000 customers and is the largest independent pure-play provider in the rapidly growing integrated payments space.
Paya partners with software providers through Paya Connect, its proprietary card and ACH platform, and provides tailored payment solutions to B2B, healthcare, government and utilities customers, and non-profit markets.
According to Hack: “Paya has a long and proven history of creating differentiated value for software integration partners and their end customers.”
“As a publicly listed company, we will continue to invest in the product innovation and support our software partners rely on to meet the needs of their clients, as well as have access to capital for additional strategic acquisitions,” Hack continued.
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Betsy Z. Cohen, chairman of FinTech III’s board of directors added: “Integrating payment solutions with software is the fastest growing segment of the payments industry and Paya is perfectly positioned as the partner of choice for sophisticated software providers and middle market business clients across multiple attractive verticals.”
To acquire an existing company, special-purpose acquisition companies (SPACs) like FinTech III raise capital through an initial public offering (IPO). As a result of the deal, the acquired company then goes public. FinTech Acquisition III is the third SPAC founded by investor Daniel Cohen and raised an impressive $345 million in its November 2018 IPO.
The Paya and FinTech III merger is expected to close in the fourth quarter.
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