Paymentus Holdings, Inc. (“Paymentus”) (NYSE: PAY), a leading provider of cloud-based bill payment technology solutions, today announced that it has signed a definitive agreement to acquire Payveris to accelerate its initiatives to serve financial institutions and expand the reach of Paymentus’ proprietary instant payment network.
Payveris is a leading provider of cloud-based software that enables more than 265 banks and credit unions to modernize and simplify bill payment, person-to-person (P2P) and account movement of money. account (A2A) and fraud prevention through a unified system. Platform.
The acquisition reinforces Paymentus’ mission to be the modern bill payment ecosystem for all industries, including the many financial institutions that are still burdened with siled point solutions for the movement of money. Payveris is used to effectively replacing existing payment systems and driving significant increases in consumer acquisition, engagement and retention for financial institutions.
The combination is expected to increase the addressable market opportunity for existing Paymentus solutions while also enhancing Payveris’ MoveMoneySM platform with real-time capabilities, improved electronic invoice presentation and additional payment options for banks, credit unions and financial institutions of all sizes.
“We started our relationship with Payveris as a multi-faceted partnership and it quickly became clear that their technology and team are best in class and would add incredibly to our platform and our mission,” said said Dushyant Sharma, President and CEO of Paymentus. . “This acquisition not only accelerates our ability to disrupt the legacy bill payment paradigm, but also helps us deliver greater value to our billers, strategic partners and financial institutions. We look forward to seeing the Payveris team join the growing Paymentus team.
Following the closing of the acquisition, Paymentus will provide customers of Payveris banks and credit unions with access to the Instant Payment Network®, thereby extending the reach of their customers’ network. Paymentus will also offer Payveris customers who manage loans its omnichannel invoice presentation and payment platform to modernize their loan payment operations. In addition, customers of Payveris banks and credit unions will be able to offer the Paymentus platform to their business and commercial customers who have invoices to present and pay.
Paymentus customers are expected to benefit from the acquisition, as their customers will soon have the ability to view their invoices and make real-time payments at the more than 265 banks and credit unions served by Payveris. For consumers, the combination of Paymentus and Payveris will simplify money management by providing improved control, faster payments and greater transparency when paying bills and transferring money from any account to any end point. Banks and credit unions will benefit from improved consumer engagement and the bill-paying economy.
“Paymentus is the ideal home for Payveris. The companies have a strong cultural and strategic alignment and highly complementary technologies which, when combined, create a real-time payment network connecting the accounts of consumers of their financial institutions and their billers, ”said Ron Bergamesca, CEO of Payveris. “This network will be the basis for delivering rapid innovation in digital payment to financial institutions. “
Details of the proposed acquisition
The transaction has been approved by the Boards of Directors of Payveris and Paymentus, and is expected to close in the third quarter of 2021, subject to customary closing conditions.
Paymentus has agreed to acquire Payveris for approximately $ 152.2 million (approximately 56% in cash and 44% in Class A common shares of Paymentus), subject to customary adjustments for transactions of this nature.