Expands and strengthens Paya’s robust ISV partnership roster and capabilities in non-profit and healthcare verticals
Accelerates Paya’s growth trajectory in 2021
ATLANTA, April 26, 2021 (GLOBE NEWSWIRE) -- Paya Holdings Inc. (NASDAQ: PAYA) (“Paya Holdings,” “Paya” or the “Company”), a leading integrated payments and commerce solution provider, today announced the acquisition of Paragon Payments Solutions (“Paragon”).
Founded in 1994 and based in Tempe, AZ, Paragon is a growing integrated payments solutions provider, focused on serving the unique needs of the non-profit and healthcare verticals. Paragon’s omnichannel solutions offering, partner-centric distribution model, payment agnostic platform, and card-not-present volume mix is highly complementary to Paya’s business. Paragon processes approximately $1.5 billion in payment volume annually and has been a Paya distribution partner since 2011. Roy Bricker, Paragon’s CEO, will assist with joint integration efforts, specifically focusing on the combined product and solution innovation agenda. Brock Robertson, Paragon’s President, will join Paya to help lead ISV sales efforts, driving further growth across the combined businesses.
“We are excited to welcome the Paragon team into Paya, which further expands Paya’s strong position within the non-profit and healthcare verticals,” said Jeff Hack, CEO of Paya. “Through the addition of a high-quality, growing roster of software partners in key verticals, we are able to leverage Paya’s scale and expertise to further accelerate growth while delivering accretive financial returns to our shareholders. This marks Paya’s fourth acquisition and follows our blueprint of executing strategic M&A of integrated payment providers in attractive end markets, serving as a powerful complement to our organic growth strategy,” Hack added.
Paya expects to discuss the acquisition in further detail on its first quarter 2021 earnings conference call in May.
Note Regarding Forward-Looking Statements
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The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. You should not place undue reliance on such statements as we cannot assure you that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ are included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020.
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Paya (NASDAQ: PAYA) is a leading provider of integrated payment and frictionless commerce solutions that help customers accept and make payments, expedite receipt of money, and increase operating efficiencies. The company processes over $35 billion of annual payment volume across credit/debit card, ACH, and check, making it a top 20 provider of payment processing in the US. Paya serves more than 100,000 customers through over 2,000 key distribution partners focused on targeted, high growth verticals such as healthcare, education, non-profit, government, utilities, and other B2B end markets. The business has built its foundation on offering robust integrations into front-end CRM and back-end accounting systems to enhance customer experience and workflow. Paya is headquartered in Atlanta, GA, with offices in Reston, VA, Fort Walton Beach, FL, Dayton, OH, Mt. Vernon, OH, Dallas, TX and Tempe, AZ.
Matt Humphries, CFA
Head of Investor Relations