Nuvei in $1.3 billion deal to acquire Paya
Summary
Nuveis $1.3 billion agreement is with GTCR, a Chicago-based private equity firm that in 2017. It processes about $45 billion in payments yearly, for 100,000 clients and 2,000 software vendors, making it one of the 10 largest card-not-present processors in the U.S. Paya also added services designed for enterprise resource companies and payment facilitators, or firms that provide a variety of payment options through a single client relationship. Payas model is also designed to aid clients migration to faster payment processing, mobile commerce and other innovations, a business case that has expanded over the past three years as the pandemic pushed more business online. "Nuveis acquisition of Paya marks a significant milestone in the transformation of this business," Aaron Cohen, managing director and head of financial services and technology at GTCR, said in a press release Monday. "Since the initial corporate carve out from Sage, the Company has worked side-by-side with our team to implement a growth strategy centered on investing in technology and an enhanced product suite to reach new customers in attractive markets."
