Paya, Inc.

Paya Holdings, Inc.
FormerlySage Payment Solutions
Company typeSubsidiary
Nasdaq: PAYA
IndustryPayments processing
Founded2006; 18 years ago (2006)
Headquarters
Atlanta, Georgia
,
U.S.
Area served
North America
Key people
Jeff Hack (CEO)
RevenueIncrease US$283 million (2022)
Increase US$8.26 million (2022)
Total assetsIncrease US$744 million (2022)
Total equityIncrease US$257 million (2022)
Number of employees
300 (2022)
ParentNuvei
Websitepaya.com
Footnotes / references
[1][2]

Paya Holdings, Inc. is an American payment processor service that operates in North America and is headquartered in Atlanta, Georgia.[3] As well as its headquarters, it has offices in Florida, Ohio and Virginia.[4]

The company provides online payments processing as well as products for face-to-face and telephone payments. It was known by the name Sage Payment Solutions while under the ownership of The Sage Group plc between 2006 and 2017. The company processes more than $30 billion for over 100,000 customers annually.[5] The company was acquired by Nuvei in February 2023.

History

Sage Payment Solutions (SPS) North America was founded in 2006 by the London Stock Exchange-listed FTSE 100 company Sage Group who primarily operate in the accounting and payroll business software industry. The same year the Sage Group had entered the payments industry in its home country, the United Kingdom, through the acquisition of Protx, though the companies were kept separate.[6]

Sage Group divested the US Sage Payment Solutions business to GTCR in 2017 for $260 million.[7] Sage Payments Solutions was later rebranded as Paya in January 2018.[8]

GTCR provided Paya with $350 million in new equity.[9] In November 2018 the company appointed their current CEO, Jeff Hack,[10] and that same month acquired Stewardship Technologies.[2] In January 2019 Paya acquired First Billing Services.[2]

On August 3, 2020, Paya announced that they were merging with Nasdaq-listed FinTech Acquisition Corp. III.[11] The merged company will be listed on the Nasdaq stock exchange under the symbol PAYA and have a value of $1.3 billion.[11] GTCR will remain the company's largest shareholder.[11]

In January 2023, Canadian financial services company Nuvei agreed to buy Paya in an all-cash deal worth around US$1.3 billion.[12] The acquisition completed the next month.[13]

See also

References

  1. ^ "Paya Holdings, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 21 February 2023.
  2. ^ a b c "About Our Company". Paya. Retrieved 15 August 2020.
  3. ^ "Locations". Paya. Retrieved August 15, 2020.
  4. ^ "Locations". Paya. Retrieved August 15, 2020.
  5. ^ French, David; Hu, Krystal; Franklin, Joshua (July 31, 2020). "Exclusive: Payments firm Paya nears $1.3 billion deal to go public - sources". Reuters. Archived from the original on July 31, 2020. Retrieved August 15, 2020.
  6. ^ Leyden, John (13 November 2006). "Sage pays £20m for payment processing firm Protx". The Register. Retrieved 6 May 2019.
  7. ^ "GTCR Announces Acquisition of Sage Payment Solutions". GTCR. 2 June 2017. Retrieved 6 May 2019.
  8. ^ "Sage Payment Solutions Announces Company Rebrand to Paya". Paya. 30 January 2018. Retrieved 6 May 2019.
  9. ^ "Paya Payment Processing". Nilson Report. February 28, 2018. Retrieved August 15, 2020.
  10. ^ Banks, Jarrett (August 7, 2020). "INTERVIEW: Paya Goes Public as Digital Payments Become Must-Have". Yahoo Finance. Retrieved August 15, 2020.
  11. ^ a b c "Paya and FinTech III Announce Merger Agreement". Nasdaq. August 3, 2020. Retrieved August 15, 2020.
  12. ^ French, David; Nishant, Niket (January 9, 2023). "Canada's Nuvei to expand in U.S. with $1.3 bln Paya buy". Reuters.
  13. ^ "Nuvei Completes $1.3 Billion Acquisition of Paya" (Press release). GlobeNewswire. February 22, 2023.