Paya, the portfolio company of private equity firm GTCR, has entered into a deal to acquire The Payment Group (TPG), a portfolio company of Thompson Street Capital Partners (TSCP).
Financial details of the deal were not divulged.
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By GlobalDataAs a result of this acquisition, TPG’s tailored payment solutions and client network of municipal government and utilities will be combined with Paya’s existing capabilities.
TPG is Paya’s second acquisition in the integrated payments landscape of government and utilities.
TPG serves over 600 utility and municipal government clients.
The firm allows end consumers to digitally pay their utility and court bills.
It does this by integrating its electronic bill presentment and payment solutions with the municipality’s core software workflow.
The integration is said to bolster the use of electronic payments, and streamline collection cycles for end consumers.
TPG CEO Ariel Kunar said: “This combination benefits TPG clients by offering them expanded services for their constituents.
“We are excited to leverage Paya’s extensive resources and reputation for excellent service to municipal and utility clients.”
Under the agreement, Paya will support TPG’s sales efforts, and technology and help boost electronic payments adoption among the latter’s customer base.
Moreover, TPG’s online billing and software applications will be integrated into Paya’s end-to-end payments platform Paya Connect.
The acquisition will allow Paya to expand its presence in new payment verticals.
GTCR Principal KJ McConnell said: “The deep expertise, technology, and proven success that the TPG team has achieved with government clients complements the work Paya has already undertaken to enable the highly flexible, vertically tailored, and integrated commerce solutions.”
Paya CEO Jeff Hack said: “The acquisition will allow us to provide enhanced solutions to local governments and municipalities as they offer their residents the ability to make digital payments for services like utility and court bills.”
The transaction is expected to complete next month.
