Nuvei, a Canadian fintech firm, announced an all-cash deal to acquire Paya, a US payments firm, for US$1.3 billion.
Paya is a pure-play integrated payments platform that serves customers in B2B, government, utilities, non-profit, and healthcare sectors. Paya processes over $45 billion in annual payment volume and serves over 100,000 end users via over 2,000 software vendors and other key distribution partners.
GTCR, a private equity firm, acquired Paya and was its largest shareholder in 2017. Paya will then be listed on the NASDAQ in October 2020.