Fee programs supplier REPAY Holdings Corp. acquired accounts-payable automation system cPayPlus LLC for as much as $16 million, the client introduced Thursday.
Atlanta-based REPAY stated phrases included $eight million in cash and $eight million in additional funds that will probably be triggered if cPayPlus meets efficiency milestones.
REPAY says it dealt with $3.eight billion in card funds for the quarter that ended May 31 and generated gross revenue of $28.7 million on income of $39.5 million for the interval. All had been up greater than 50 p.c from comparable year-ago figures.
“We continue to observe unprecedented demand for comprehensive, technology-first B2B automation and payment solutions, as enterprise customers look for ways to reduce costs and operate more efficiently in an increasingly digital environment,” John Morris, CEO of Atlanta-based REPAY, stated in a ready assertion. “The competition typically focuses on either accounts receivable or (accounts payable). While we already do both, the cPayPlus acquisition will strengthen our AP automation offering, further enabling us to deliver best-in-class solutions that address all of our clients’ AR and AP automation and payment needs.”
In touting the deal, Morris expressed sentiments just like these shared by different business gamers who’ve discovered that COVID-19’s work-from-home calls for are driving elevated demand for automated cost programs.
“We are thrilled to welcome the cPayPlus team into the REPAY family,” he stated. “(cPayPlus CEO) Darin Horrocks and Seth Barnard are AP automation veterans. We are confident that their leadership and vision will prove invaluable as we work together to accelerate growth in our B2B business.”
Horrocks stated in a ready assertion: “We look forward to working with REPAY to capitalize on the ever-increasing demand for AP automation solutions. The already high need for our product has been amplified since the onset of the COVID-19 pandemic. REPAY’s extensive resources will enable us to take advantage of this demand and develop more complete B2B offerings for our clients.”
Along with lowering demand on workers, automated accounts payable programs could make it simpler for purchasers of services or products to reap the benefits of prompt-payment reductions.
cPayPlus was based in 2017 and is predicated in Salt Lake Metropolis.