Acquisition Enables CPS to Scale Operations Leveraging REPAY’s Extensive Resources
ATLANTA, November 5th, 2020 – CPS Payment Services (“CPS”), a B2B payments and accounts payable (“AP”) automation technology provider, announced today that it has been acquired by Repay Holdings Corporation (NASDAQ: RPAY).
“We are excited to work with a proven industry leader to capitalize on the growing demand for AP automation solutions. The rapid growth of our business combined with REPAY’s extensive resources, expanding suite of B2B payment solutions, and proven success in scaling operations puts us in a great position to establish a true industry powerhouse in B2B payments. We look forward to offering more robust solutions for our existing and future clients,” said Wade Eckman, President and CEO of CPS.
“There continues to be an increased demand for comprehensive, technology-first B2B automation and payment solutions, as enterprise customers look to reduce costs and operate more efficiently in an increasingly digital environment. With their expanding sales channels, proprietary payment portal, integration capabilities, and growing client base, CPS will substantially enhance REPAY’s B2B offerings. This acquisition brings us the opportunity to introduce REPAY’s solutions to new verticals, including the education, government, and media sectors,” said John Morris, CEO of REPAY.
William Blair & Company served as the exclusive financial advisor and Alston & Bird served as legal counsel to CPS in its sale to REPAY. “The teams at William Blair, led by Jamie Hamilton, and Alston & Bird, led by Chris Baugher, were great partners to CPS as we evaluated strategic alternatives for our company,” said Eckman.
The transaction was previously announced on October 27th, 2020.
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants while enhancing the overall experience for consumers and businesses.
CPS, founded in 2011 and headquartered in Atlanta, GA, is a B2B payments and accounts payable automation technology provider that facilities the issuance, execution, and reconciliation of virtual card, enhanced ACH, ACH, and check payments through an integrated software platform.