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.
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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