RTTNews | May 4, 2021 07:53AM EDT

07:52 Tuesday, May 4, 2021 (RTTNews.com) - Payment technology company Global Payments Inc. (GPN) has decided to acquire property technology company Zego from Vista Equity Partners, in an all cash transaction valued at $925 million, the company said in a statement.

The effective purchase price, excluding a tax asset, is about $830 million.

"This acquisition aligns perfectly with Global Payments' strategy by enhancing our position at the convergence of software and payments in one of the largest and most attractive vertical markets worldwide, where digital commerce and omni-channel trends are rapidly accelerating," said Cameron Bready, Global Payments President and Chief Operating Officer.

Zego's solutions support property managers and residents throughout the real estate lifecycle, from leasing and onboarding to one-time and recurring payments, work orders, utility management, resident communications, renewals, and offboarding.

Zego's real estate technology platform is being used by nearly 7,000 property management customers representing more than 11 million residential units in the United States. Through its integrated payments offering, Zego facilitates nearly $30 billion in payments, a year, in a market with volume opportunity exceeds $1 trillion, Global Payments said.

The deal is expected to close by the end of the second quarter of 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3191266/global-payments-to-buy-zego-from-vista-equity-for-925-mln-cash.aspx)

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