Nuvei to Acquire Paya, a Payments Business Backed by GTCR, in a $1.3 Billion Deal

Nuvei Corporation, a global payment technology company, has announced its plans to acquire Paya, a payments business backed by GTCR, in a $1.3 billion deal. The acquisition is expected to close in the first quarter of 2021, subject to regulatory approvals and other customary closing conditions.

Paya is a leading provider of integrated payment and commerce solutions for businesses of all sizes. The company offers a range of payment processing services, including credit and debit card processing, ACH payments, and e-checks. Paya also provides a suite of value-added services, such as fraud prevention, data analytics, and customer engagement tools.

The acquisition of Paya will significantly expand Nuvei’s presence in the United States, where Paya has a strong customer base and a well-established network of partners. Nuvei will also benefit from Paya’s expertise in key verticals, such as healthcare, education, and non-profit organizations.

“We are thrilled to welcome Paya to the Nuvei family,” said Philip Fayer, Nuvei’s chairman and CEO. “This acquisition is a major milestone for our company and will accelerate our growth in the high-growth U.S. market. Paya’s technology platform and talented team will enhance our capabilities and enable us to deliver even more value to our customers.”

The acquisition of Paya is the latest in a series of strategic moves by Nuvei to expand its global footprint and strengthen its position as a leading payment technology provider. In 2020, Nuvei completed the acquisition of SafeCharge International Group Limited, a leading payment technology company based in the United Kingdom.

Nuvei’s acquisition of Paya is also a testament to the strength of the payments industry, which has seen significant growth in recent years due to the increasing adoption of digital payments and e-commerce. According to a report by Grand View Research, the global digital payments market is expected to reach $132.5 billion by 2025, growing at a compound annual growth rate of 17.6% from 2020 to 2025.

The acquisition of Paya by Nuvei is expected to create significant synergies and drive growth for both companies. Nuvei will benefit from Paya’s strong customer base and expertise in key verticals, while Paya will gain access to Nuvei’s global network and advanced payment technology solutions.

In conclusion, the acquisition of Paya by Nuvei is a significant development in the payments industry and highlights the growing importance of digital payments and e-commerce. The deal is expected to create significant value for both companies and accelerate their growth in the high-growth U.S. market.

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