Payments firm Repay acquires accounts payable automation provider cPayPlus
Repay Holdings, a provider of vertically-integrated payment solutions, has acquired Utah-based accounts payable automation provider cPayPlus in a deal worth up to $16.0 million.
As per the terms, cPayPlus has been paid $8 million at the closing of the deal and will receive up to $8 million based on meeting certain growth targets.
Established in 2017, cPayPlus is said to cater to a range of industries, with a focus on property management, automotive, and field services. The company’s technology platform is claimed to be integrated deeply with its clients’ accounts payable workflows and primary enterprise resource planning (ERP) systems for facilitating meaningful client-side operating efficiencies and seamless optimization of payments.
Currently, the accounts payable automation provider is said to maintain more than 26,000 enrolled supplier relationships.
Payments firm Repay acquires accounts payable automation provider cPayPlus. Image courtesy of M & A Ventures, LLC d/b/a REPAY.
John Morris – CEO of Repay said: “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. The competition typically focuses on either accounts receivable (“AR”) or AP.
“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.”
Repay serves verticals that have specific transaction processing requirements with its integrated payment processing solutions. The company’s integrated payment technology platform is said to bring down the complexity of electronic payments for merchants, while improving the overall experience for businesses and consumers.
Darin Horrocks – CEO of cPayPlus said: “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.”