Paya Announces Acquisition of VelocIT
Expands and strengthens Paya’s robust integrated payments capabilities
ATLANTA, Jan. 19, 2022 (GLOBE NEWSWIRE) — Paya Holdings Inc. (NASDAQ: PAYA) (“Paya”), a leading integrated payments and commerce solution provider, today announced the acquisition of VelocIT Business Solutions (“VelocIT”).
Founded in 2018 and based in Clarkson, WA, VelocIT provides fully integrated, omnichannel payment solutions to accounting and ERP partners, including Acumatica and Sage, driving frictionless commerce experiences for their end users. VelocIT brings to Paya industry-leading technologies, deep knowledge of the ERP market, and strong integration experience and expertise.
“We are excited to welcome the VelocIT team to Paya as we look to expand and accelerate Paya’s growth within the ERP channel,” said Jeff Hack, Paya’s chief executive officer. “VelocIT brings a great roster of ERP partners, leading technological capabilities, and key talent which will enrich the value of our offerings while providing for continued growth within B2B and across key verticals we serve.”
Through the acquisition of VelocIT, Paya will accelerate its product roadmap, scaling the company’s solution capabilities and extending its leadership in accounting and ERP integrations.
“Paya is committed to delivering innovative, integrated payment solutions and driving exceptional commerce experiences,” said Michele Shepard, Paya’s chief commercial officer. “With their technology platform, partnerships, and ERP domain expertise, the acquisition of VelocIT strengthens Paya’s ability to fulfill that commitment.”
“We are thrilled to join the Paya family,” said Jeremy Burt, CEO of VelocIT. “Paya is a highly regarded leader in the payments market and in the ERP space in particular, and joining forces with Paya will enable us to scale our R&D efforts and distribution to entirely new levels. We look forward to the next chapter in the VelocIT journey.”
Paya expects to discuss the transaction further on its fourth quarter and full year 2021 results conference call.
Note Regarding Forward-Looking Statements
Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “will,” “approximately,” “shall” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Forward-looking statements in this press release may include, for example, statements about benefits to be obtained from the acquisition of VelocIT, our expansion and acceleration within the ERP channel, our continued growth within B2B and across key verticals, acceleration of our product roadmap, expectations for future financial performance, and our future growth and business strategies.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. You should not place undue reliance on such statements as we cannot assure you that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to: our inability to obtain the expected benefits from the acquisition of VelocIT or any other business or assets we have acquired or may acquire in the future; our inability to integrate VelocIT in our operations; exposure to economic conditions and political risk affecting the consumer loan market and consumer and commercial spending; the impacts of the ongoing COVID-19 coronavirus pandemic (including supply chain constraints, labor shortages and inflationary pressure) and the actions taken to control or mitigate its spread (which impacts are highly uncertain and cannot be reasonably estimated or predicted at this time); competition; the ability of our business to grow and manage growth profitably; changes in applicable laws or regulations; changes in the payment processing market in which Paya competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that Paya targets; risks relating to Paya’s relationships within the payment ecosystem; risk that Paya may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; changes in accounting policies applicable to Paya; the risk that Paya may not be able to develop and maintain effective internal controls and other risks and uncertainties; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Paya (NASDAQ: 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 $40 billion of annual payment volume across credit/debit card, ACH, and check, making it a top provider of payment processing in the US. 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, Dallas, TX and Tempe, AZ.
Matt Humphries, CFA
Head of Investor Relations