Benzinga | Apr 26, 2021 10:01AM EDT

Paya Acquires Paragon Payments Solutions For Undisclosed Sum

* Paya Holdings Inc (NASDAQ: PAYA) announced the acquisition of integrated payments solutions provider Paragon Payments Solutions for an undisclosed sum.

* Paragon focused on the non-profit and healthcare vertical needs.

* Paragon's omnichannel solutions offering, partner-centric distribution model, payment agnostic platform, and card-not-present volume mix were highly complementary to Paya's business.

* Paragon processes $1.5 billion in yearly payment volume and has been a Paya distribution partner since 2011.

* Paragon CEO Roy Bricker will assist with joint integration efforts. Paragon President Brock Robertson will join Paya to help lead ISV sales efforts.

* The acquisition marked Paya's fourth acquisition and followed its blueprint of executing strategic M&A of integrated payment providers in attractive end markets, serving as a powerful complement to its organic growth strategy, stated Paya CEO Jeff Hack.

* Paya plans to divulge the acquisition detail on its first-quarter 2021 earnings conference call in May.

* Paya had recently raised $122.5 million from a secondary stock offering. It held $23.6 million in cash and equivalents as of Dec. 31, 2020.

* Price action: PAYA shares traded higher by 3.08% at $11.03 on the last check Monday.