REPAY acquires accounts payable automation provider, cPayPlus

By Pavithra R

Repay Holdings Corporation, a provider of a comprehensive suite of advanced and integrated payment technology products including debit and credit card processing, instant funding, ACH processing, consumer-facing payment portals, and electronic bill payment systems has announced that the company has acquired cPayPlus, an accounts payable automation provider for up to $16.0 million.

Repay has agreed to give $8.0 mn of the $16.0 mn at closing. The remaining $8.0 mn may become payable in the third quarter of 2021, dependent upon the achievement of growth targets. The closing of the acquisition was financed with cash on hand and will not materially impact REPAY’s net leverage.

“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. We are thrilled to welcome the cPayPlus team into the REPAY family. Darin Horrocks and Seth Barnard are AP automation veterans. We are confident that their leadership and vision will prove invaluable as we work together to accelerate growth in our B2B business,” said John Morris, CEO of REPAY.

Founded in 2017, cPayPlus is focused on removing the barriers to electronic payment adoption and simplified the approach to B2B payments. The company serves various industries with concentrations in automotive, property management, and field services.  Its robust technology platform is integrated with its clients’ AP workflows and primary enterprise resource planning (“ERP”) systems, enabling client-side operating efficiencies and seamless payment optimisation. cPayPlus boasts an impressive roster of ERP integrations in the automotive, property management, and field services industries and maintains over 26,000 enrolled supplier relationships.

“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,” said Darin Horrocks, CEO of cPayPlus.

Founded in 2006, REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. The FinTech recently partnered with Katabat for improved consumer lending and receivables management.