CPS facilitates the issuance, execution, and reconciliation of virtual card, enhanced ACH, ACH, and check payments
Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced that it has completed the previously announced acquisition CPS Payment Services (“CPS”). REPAY paid approximately $78 million in cash at closing. In addition, up to $15 million may become payable through two separate earnouts, which are dependent upon CPS’s performance over various periods through December 31, 2022.
“We are thrilled to announce the quick completion of the CPS acquisition,” said John Morris, CEO of REPAY. “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.”
CPS, founded in 2011 and headquartered in Atlanta, GA, is a B2B payments and accounts payable (“AP”) automation technology provider that facilitates the issuance, execution, and reconciliation of virtual card, enhanced ACH, ACH, and check payments through an integrated software platform. CPS’s offering is highlighted by its proprietary AP automation software, the CPS Payment Portal, which provides purpose-built, highly configurable workflow management and automation across the entire B2B payments lifecycle from ERP integration to payment execution and reconciliation. CPS has developed a proprietary database of over 20,000 virtual card and enhanced ACH accepting suppliers and serves an expanding base of over 160 enterprise clients across various sectors, with deepest representation in healthcare, education, government, media, and hospitality.
Source: Company Press Release