Vertically integrated payment provider REFUND the holding company has signed a definitive agreement to buy CPS payment services for as much as $ 93 million, with a payment of $ 78 million at close, according to an announcement on Tuesday, Oct. 27.

REPAY’s acquisition of CPS will be funded from available cash, while the transaction is expected to close in Q4 2020 “subject to certain customary closing conditions,” according to the announcement.

“With their expanding sales channels, proprietary payment portal, integration capabilities and growing customer base, CPS will dramatically improve REPAY’s comprehensive B2B offering,” REPAY CEO John Morris said in the report. announcement.

CPS, based in Atlanta, Georgia, which was launched in 2011, is a B2B payments and accounts payable (AP) automation company. It enables creation, operation and reconciliation of virtual card, check, automated clearing house (ACH) and enhanced ACH payments through an integrated software infrastructure.

CPS, which has created a single database of more than 20,000 ACH enhanced and virtual card accepting vendors, serves a growing base of more than 160 business customers in different industries.

“The rapid growth of our business, combined with the extensive resources of REPAY, following expanding solutions and the proven success of scale-up operations, places us in an excellent position to establish true industry power in payments. B2B, ”CPS President and CEO Wade Eckman said in the announcement. .

The news comes as REPAY bought automation company AP cPayPlus LLC for up to $ 16 million, per News in July. REPAY said at the time that the terms included $ 8 million in cash and $ 8 million in additional payments, which will be triggered if cPayPlus meets performance milestones. cPayPlus, based in Salt Lake City, Utah, launched in 2017.

In addition, REPAY integrated its infrastructure into the Sage 500 business management system, by actualité in August. At the time, it was noted that REPAY was already linked to Sage 100 in addition to Sage 300.

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