Nuvei Acquiring Payment Provider Paya
Author:
Muhammad Gregory
The Canadian fintech company Nuvei Corporation has announced that it will be taking over the US-focused integrated payment and commerce solutions provider Paya Holdings for a staggering $1.30 billion. The deal will be executed in the form of an all-cash transaction worth $9.75 per share. Nuvei can now move forth on high-growth integrated payment opportunities.
Nuvei Corporation will be acquiring the US-focused integrated payment and commerce solutions provider Paya Holdings for a whopping $1.30 billion. ?geralt/Pixabay
Nuvei Claims Combined Total Volume of Both Businesses is Roughly $167 Billion
Business continues to boom for Canadian fintech business Nuvei Corporation, which has just come out and revealed that it is set to acquire the US-facing integrated payment and commerce solutions provider Paya Holdings for an impressive $1.30 billion.
The deal will take the form of an all-cash transaction worth $9.75 per share. Nuvei claimed the agreement would reinforce its ability to make good on high-growth integrated payment opportunities. Meanwhile, for its part, Paya has software integrations in place with more than 300 independent software vendor platforms.
The fintech business Nuvei also clarified that the tentative acquisition would broaden its operations in high-growth markets, while also increasing its competencies in both large and growing B2B operations and amplify its existing growth strategy.
Acquisition of Paya is a Huge New Step in Development of Nuvei
On occasion of the news concerning Nuvei Corporation’s imminent acquisition of payment provider Paya, Philip Fayer, Nuvei’s chairman and chief executive, claimed the deal was an important evolutionary step for the fintech company:
“The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, integrated payments and B2B.”– Philip Fayer, Chairman and Chief Executive, Nuvei Corporation, Press Release
Fayer continued by reinforcing the growth-focused advantages of Nuvei’s takeover of Paya:
“The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan.”
For its part, Paya’s chief executive Jeff Hack revealed the payment provider was pleased with the acquisition proposal, claiming Nuvei’s high-end solutions will enable Paya to continue keep doing what it does best:
“We are pleased to have reached this transaction with Nuvei, which is a testament to the incredible talent at Paya, and will deliver immediate and significant cash value to Paya shareholders. We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable end-markets and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”– Jeff Hack, Chief Executive, Paya Holdings, Press Release
GAN and Nuvei Partnered in North America Back in July 2022
Paya is far from the only US-based company Nuvei has partnered with recently, as back in July 2022, technology platform and branding tool GAN announced that it was entering into a new strategic partnership with Nuvei.
Nuvei will enjoy far greater access to the American market as a result of the deal, with North American operators now able to employ Nuvei’s normally exclusive suite of payment solutions as a result of an integration with GAN’s software-as-a-service gaming platform technology.
GAN and Nuvei in fact first partnered together during the launch of Ontario’s regulated gaming market earlier in 2022. Nuvei chair and chief executive, Philip Fayer, stressed the competitive importance of providing operators with a customizable and integrated payments platform, which partnering with GAN will only help with:
“Offering gaming operators a fully customizable payments platform, including local acquiring solutions and a full suite of payment methods through a single integration, is at the heart of our vision for the future of payments in both gaming and broader verticals. Being able to partner with GAN to bring this vision to North American operators is a great step forward for an industry poised for further significant growth in the next few years. GAN is renowned throughout gaming for its market-leading software, which is why we believe this is such an exciting partnership.”
theScore Bet Joined Up with Golf Canada in August 2021
Speaking of Canadian betting partnerships, theScore Bet revealed in August 2021 that it would become the official betting partner of Golf Canada, which is the governing body for all professional golf in Canada.
The multi-year deal began last year, in 2022, with theScore Bet now acting as Golf Canada’s official gaming partner. Senior vice president of content and marketing at theScore, Aubrey Levy, saw the partnership as a once in a lifetime opportunity for the operator to score an in with the Canadian golf market:
“This partnership provides us with highly engaging access points to introduce theScore Bet to a broad and endemic audience of golf fans. With the RBC Canadian Open taking place in Ontario for all three years and the CP Women’s Open in the province for at least the coming year, it provides us an amazing foothold to interact with Canada’s passionate golf community around two of the most popular golf events in the country.”
