US-based integrated payment solutions provider Repay Holdings has completed the acquisition of B2B payments and accounts payable (AP) automation technology provider CPS Payment Services (CPS).
As per the agreement, which was announced in the last week of October, Repay made a payment of approximately $78m at closing.
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It will pay the remaining $15m via two separate earnouts based on CPS’ performance until December next year.
Founded in 2011, the Georgia-domiciled payments technology firm CPS uses an integrated software platform to process virtual cards, enhanced ACH, ACH, and check payments.
The company has created a proprietary database of over 20,000 virtual cards and enhanced ACH accepting suppliers.
It serves more than 160 enterprise clients across healthcare, education, government, media and hospitality sectors.
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By GlobalDataCPS has an estimated $880bn in payment volumes in these sectors and its solutions are integrated with over 25 ERP and accounting software platforms.
Repay CEO John Morris said: “We are thrilled to announce the quick completion of the CPS acquisition. CPS will substantially enhance our B2B offerings and will bring us the opportunity to introduce Repay’s solutions to new verticals, including education, government, and media sectors.”
In July this year, Repay also acquired the accounts payable (AP) automation provider cPayPlus
