CHICAGO, Oct. 16, 2020 /PRNewswire/ -- GTCR, a leading
private equity firm, announced today the completion of the
transaction involving portfolio company Paya, a leading integrated
payments and commerce solution provider, which will result in
Paya's listing as a publicly-traded company. On October 15, 2020, shareholders of FinTech
Acquisition Corp III (NASDAQ: FTAC) ("FinTech III"), a
publicly-traded special purpose acquisition company ("SPAC"),
approved the business combination with Paya. As a result, the
combined company changed its name to Paya Holdings Inc. ("Paya" or
the "Company") and will trade on the Nasdaq Stock Market with the
ticker symbol "PAYA" beginning October 19,
2020. GTCR will remain as Paya's largest shareholder.
GTCR acquired Paya in 2017 from global accountancy software
provider Sage PLC. Prior to GTCR's purchase, the business operated
as Sage Payment Solutions. In executing its Leaders
StrategyTM, GTCR partnered with Jeff Hack in 2018 to transform
the company within the rapidly evolving integrated payments
space. Together, GTCR and Mr. Hack introduced a new senior
management team, completed a carveout from Sage, invested in
new technology and product capabilities, accelerated organic
growth, and executed three highly strategic
acquisitions. Paya operates today as a leading pure-play
integrated payments platform in attractive end markets such as B2B,
healthcare, government, utilities, non-profit and faith-based.
CEO Jeff Hack, along with his
management team, will continue to execute the Company's growth
strategy going forward.
"We'd like to thank Jeff Hack and
the rest of the Paya management team for their strong partnership
and tireless efforts which have led to this important milestone,"
said Collin Roche, GTCR Managing
Director. "As the largest shareholder, we look forward to
continuing to support the Company's growth and success as a unique
integrated payments platform in the public market."
"The Paya transformation during the last three years has been
remarkable," said Aaron Cohen, GTCR
Managing Director. "Paya's evolution from a corporate
subsidiary to a publicly traded company is a great illustration of
the GTCR Leaders StrategyTM at work."
"We'd like to thank GTCR for their contribution to Paya's
strategy and success," said Jeff Hack, Paya CEO. "The firm has
been an exceptional partner, and we are excited for their
continued support of our growth strategy while operating in the
public market. I'd also like to express my appreciation to the
public market investors who have invested in support of the next
chapter in Paya's evolution."
Evercore acted as capital markets and financial advisor to Paya.
William Blair acted as financial
advisor to Paya. Kirkland & Ellis LLP acted as legal counsel to
Paya. Cantor Fitzgerald & Co. and Northland Capital Markets
acted as capital markets advisors to FinTech III. Morgan
Stanley acted as M&A advisor to FinTech III. Ledgewood PC acted
as legal counsel to FinTech III. Morgan Stanley, Evercore
and Cantor Fitzgerald & Co. acted as private placement
agents.
About GTCR
Founded in 1980, GTCR is a leading private
equity firm focused on investing in growth companies in the
Financial Services & Technology, Healthcare, Technology, Media
& Telecommunications, and Growth Business Services industries.
The Chicago-based firm pioneered
The Leaders Strategy™ – finding and partnering with management
leaders in core domains to identify, acquire and build
market-leading companies through transformational acquisitions and
organic growth. Since its inception, GTCR has invested more than
$18 billion in over 200
companies.
About Paya
Paya is a leading provider of integrated
payment and frictionless commerce solutions that help customers
accept and make payments, expedite receipt of money, and increase
operating efficiencies. The company processes over $30 billion of annual payment volume across
credit/debit card, ACH, and check, making it a top 20 provider of
payment processing in the US and #6 overall in e-Commerce. Paya
serves more than 100,000 customers through over 2,000 key
distribution partners focused on targeted, high growth verticals
such as healthcare, education, non-profit, government, utilities,
and other B2B goods and services. The business has built its
foundation on offering robust integrations into front-end CRM and
back-end accounting systems to enhance customer experience and
workflow. Paya is headquartered in Atlanta, GA, with offices in Reston, VA, Fort
Walton Beach, FL, Dayton,
OH, Mt. Vernon, OH and
Dallas, TX.
About FinTech Acquisition Corp III
FinTech Acquisition
Corp. III was a special purpose acquisition company formed for the
purpose of entering into a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses, with a focus on the
financial technology industry. The company raised
$345,000,000 in its initial public
offering in November 2018.
Forward Looking Statements
This document includes "forward looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"forecast," "intend," "seek," "target," "anticipate," "believe,"
"expect," "estimate," "plan," "outlook," and "project" and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward looking statements include estimated financial information.
Such forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
businesses of FinTech Acquisition Corp. III, Paya, or the combined
company after completion of the business combination are based on
current expectations that are subject to risks and uncertainties. A
number of factors could cause actual results or outcomes to differ
materially from those indicated by such forward looking statements.
These factors include, but are not limited to: (1) the risk
that the business combination disrupts current plans and operations
of Paya, (2) the ability to recognize the anticipated benefits of
the business combination, which may be affected by, among other
things, competition, the ability of the combined company to grow
and manage growth profitably, maintain relationships with customers
and suppliers and retain its management and key employees; (3)
costs related to the business combination; (4) changes in
applicable laws or regulations; (5) the possibility that Paya may
be adversely affected by other economic, business, and/or
competitive factors; and (6) other risks and uncertainties
indicated from time to time in other documents filed or to be filed
with the SEC by FinTech Acquisition Corp. III or the combined
company. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
FinTech Acquisition Corp. III and Paya undertake no commitment to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise, except as
may be required by law.
Media Inquiries:
Kellie
Kennedy, kelliek@theharbingergroup.com
312-933-4903
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