Cloud-based bill payment technology firm Paymentus has signed a definitive agreement to acquire Payveris, itself a cloud-based bill payment software provider. The price is $152.2 million, with approximately 56 percent in cash and 44 percent in Paymentus Class A common stock.
The combination is expected to increase the addressable market opportunity for Paymentus’ existing solutions while also enhancing Payveris’ MoveMoneySM platform with real-time capabilities, enhanced electronic bill presentment and additional payment options for banks, credit unions, and financial institutions of all sizes.
“We started our relationship with Payveris as a multi-faceted partnership and it quickly became apparent that their technology and team are best-in-class and would be incredibly additive to our platform and mission,” said Dushyant Sharma, Paymentus’ president and CEO. “This acquisition not only accelerates our ability to disrupt the legacy bill pay paradigm, but also helps us deliver greater value to our billers, strategic partners and financial institutions. We are looking forward to having the Payveris team join Paymentus’ fast growing team.”
Upon completion of terms Paymentus will provide Payveris’ bank and credit union clients access to the Instant Payment Network and also offer Payveris clients who service loans its omni-channel bill presentment and payment platform to modernize their loan payment operations. Payveris’ bank and credit union clients can offer the Paymentus platform to their business and commercial clients that have bills that need to be presented and paid.
Paymentus clients are expected to gain from the acquisition, as their customers will soon have the ability to view bills and make real-time payments at the over 265 banks and credit unions which Payveris serves. For consumers, the combination of Paymentus and Payveris will simplify money management by providing enhanced control, faster payments and greater transparency when paying bills and moving money from any account to any end point.
“Paymentus is the perfect home for Payveris. The companies have strong cultural and strategic alignment and highly complementary technologies that, when combined, create a real-time payment network connecting consumer accounts at their financial institutions and their billers,” said Ron Bergamesca, Payveris CEO. “This network will be the foundation for delivering rapid digital payment innovation to financial institutions.”