Nuvei, a Canadian payments company, has signed a deal to purchase US firm Paya in an all-cash deal worth $1.3bn.
According to Finextra, the companies have entered into a definitive agreement that will see Nuvei pay a £9.75 share for Paya, which is a 25% premium on Friday’s closing price.
Nuvei said that the deal will create a strong player in the global e-commerce, integrated payments and business-to-business markets.
Paya currently processes over $40bn of annual payment volume across credit and debit card, ACH, and cheque, serving more than 100,000 customers through over 2000 distribution partners in areas such as healthcare, education, non-profit, government and utilities.
Nuvei CEO Philip Fayer said that the deal will accelerate its integrated payment strategy as well as diversify its business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of its growth plan.
Prograd, which is aimed at helping young people boost financial literacy, has reportedly collected $2.5m in its seed funding round.
Contributions to the round came from Deloitte Ventures, Techstars, ZAKA Ventures, AGAM, Trouva founder Mandeep Singh, and other new and existing angel investors, according to a report from Financial IT.
With the funds, Prograd hopes to expand its marketing and development capabilities, bolster its digital footprint, release an app and improve its algorithms.
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