US-based integrated payment solutions provider Repay has acquired Kontrol Payables, which specialises in accounts payable automation.
Repay will pay for the deal, which has a maximum consideration of $11m, using its cash reserves.
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Of this amount, $8m was paid at completion of the transaction.
Established in 2011, Kontrol provides integrated accounts payable (AP) automation solutions to clients across various sectors, including manufacturing, food production, construction, software, and education.
The firm utilises its more than30 ERP integrations and network of over 13,000 suppliers to enhance clients’ AP workflows and execute outbound payments using different payment modalities.
These include virtual card, enhanced ACH, ACH, as well as cheque.
Kontrol is anticipated to process around $300m of virtual card volume this year.
Repay CEO John Morris calls Kontrol the ‘perfect partner’ to grow its AP automation business and strengthen its B2B proposition.
Morris said: “In an increasingly digital world, there continues to be ever-strengthening demand for technology-first B2B automation and payment solutions, as enterprise customers aim to reduce costs and streamline backoffice processes.
“This acquisition will give us the opportunity to leverage Repay’s B2B technology infrastructure, increase our virtual card volume, and better position us to address the $2.2 trillion total addressable market for our B2B AP automation business.”
The latest deal follows Repay’s move to buy integrated payments provider BillingTree.
The $503m acquisition of BillingTree is expected to raise Repay’s total card payment volume to more than $20bn on an annualised basis and expand its software partner integrations to over 175.
Last November, the firm completed the acquisition of B2B payments and AP automation technology provider CPS Payment Services.
It also acquired AP automation provider cPayPlus and smart transaction technology company Ventanex last year.
