Paymentus to Acquire Payveris, a Leading Provider of Money Movement Solutions for Financial Institutions
August 10 2021 - 8:30AM
Business Wire
Acquisition expands Paymentus’ Instant Payment
Network® to banks and credit unions
Paymentus Holdings, Inc. (“Paymentus”) (NYSE:PAY), a leading
provider of cloud-based bill payment technology solutions, today
announced that it has signed a definitive agreement to acquire
Payveris to accelerate its initiatives to serve financial
institutions and expand the reach of Paymentus’ proprietary Instant
Payment Network®. Payveris is a leading provider of cloud-based
software that enables over 265 banks and credit unions to modernize
and simplify bill pay, person-to-person (P2P) and
account-to-account (A2A) money movement and fraud prevention
through a unified platform.
The acquisition reinforces Paymentus’ mission to be the modern
bill payment ecosystem for all industries, including the many
financial institutions that are still burdened by siloed point
solutions for money movement. Payveris has a track record of
efficiently displacing legacy payment systems and driving
meaningful increases in consumer acquisition, engagement and
retention for financial institutions.
The combination is expected to increase the addressable market
opportunity for Paymentus’ existing solutions while also enhancing
Payveris’ MoveMoneySM platform with real-time capabilities,
enhanced electronic bill presentment and additional payment options
for banks, credit unions and financial institutions of all
sizes.
“We started our relationship with Payveris as a multi-faceted
partnership and it quickly became apparent that their technology
and team are best-in-class and would be incredibly additive to our
platform and mission,” said Dushyant Sharma, Paymentus’ President
and CEO. “This acquisition not only accelerates our ability to
disrupt the legacy bill pay paradigm, but also helps us deliver
greater value to our billers, strategic partners and financial
institutions. We are looking forward to having the Payveris team
join Paymentus’ fast growing team.”
After the acquisition closes, Paymentus will provide Payveris’
bank and credit union clients access to the Instant Payment
Network®, expanding their clients’ network reach. Paymentus will
also offer Payveris clients who service loans its omni-channel bill
presentment and payment platform to modernize their loan payment
operations. In addition, Payveris’ bank and credit union clients
will be able to offer the Paymentus platform to their business and
commercial clients that have bills that need to be presented and
paid.
Paymentus clients are expected to gain from the acquisition, as
their customers will soon have the ability to view bills and make
real-time payments at the over 265 banks and credit unions that
Payveris serves. For consumers, the combination of Paymentus and
Payveris will simplify money management by providing enhanced
control, faster payments and greater transparency when paying bills
and moving money from any account to any end point. Banks and
credit unions will benefit through improved consumer engagement and
bill pay economics.
“Paymentus is the perfect home for Payveris. The companies have
strong cultural and strategic alignment and highly complementary
technologies that, when combined, create a real-time payment
network connecting consumer accounts at their financial
institutions and their billers,” said Ron Bergamesca, Payveris CEO.
“This network will be the foundation for delivering rapid digital
payment innovation to financial institutions.”
Details Regarding the Proposed Acquisition
The transaction has been approved by the Boards of Directors of
both Payveris and Paymentus, and is expected to close in the third
quarter of 2021, subject to customary closing conditions.
Paymentus has agreed to acquire Payveris for approximately
$152.2 million (approximately 56% in cash and 44% in Paymentus
Class A common stock), subject to customary adjustments for
transactions of this nature.
About Paymentus
Paymentus (NYSE: PAY) is a leading provider of cloud-based bill
payment technology and solutions for more than 1,300 billers across
North America. Our omni-channel platform provides consumers with
easy-to-use, flexible and secure electronic bill payment
experiences through their preferred payment channel and type.
Paymentus’ proprietary Instant Payment Network®, or IPN, extends
our reach by connecting our IPN partners’ platforms and tens of
thousands of billers to our integrated billing, payment, and
reconciliation capabilities. For more information, please visit
www.paymentus.com.
About Payveris
Payveris is the creator of the MoveMoneySM platform, an open
API, cloud-based platform that enables financial institutions to
control, simplify and extend engaging digital money movement
capabilities to their users through any application or device while
significantly reducing operating costs and future-proofing their IT
investment. Visit payveris.com to learn more.
Paymentus Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical or current fact included in this press
release are forward-looking statements. These forward looking
statements include our anticipated timing for closing the
acquisition of Payveris, potential opportunities to sell Paymentus’
products to Payveris’ clients and expected benefits of the combined
business and product offerings. Forward-looking statements include
statements containing words such as “expect,” “anticipate,”
“believe,” “project,” “will” and similar expressions intended to
identify forward-looking statements. These forward-looking
statements are based on Paymentus’ current expectations.
Forward-looking statements involve risks and uncertainties.
Paymentus’ actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, risks related to the ability to
satisfy closing conditions of the proposed transaction and
successful completion of the transaction; unexpected costs,
liabilities or delays in connection with or with respect to the
proposed transaction; the effect of the announcement of the
proposed transaction on the ability of Payveris or Paymentus to
retain and hire key personnel and maintain relationships with
billers, suppliers and others with whom Payveris or Paymentus does
business or on Payveris or Paymentus’ operating results and
business generally; the outcome of any legal proceeding related to
the proposed transaction; the challenges and costs of integrating,
restructuring and achieving anticipated synergies and benefits of
the proposed transaction and the risk that the anticipated benefits
of the proposed transaction may not be fully realized or take
longer to realize than expected; competitive pressures in the
markets in which Payveris and Paymentus operate; the occurrence of
any event, change or other circumstances that could give rise to
the termination of the merger agreement; and other risks to the
consummation of the proposed transaction, including the risk that
the proposed transaction will not be consummated within the
expected time period or at all, and other risks and uncertainties
included under the caption “Risk Factors” and elsewhere in
Paymentus’ filings with the Securities and Exchange Commission, or
SEC, including, without limitation, Paymentus’ final prospectus
filed with the SEC under Rule 424(b)(4) on May 26, 2021 and
Paymentus’ Quarterly Report on Form 10-Q for the quarter ended June
30, 2021, which we expect to file with the SEC on or around August
11, 2021. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and we undertake no
obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date hereof.
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Investor Relations Paul Seamon pseamon@paymentus.com
Media Relations Tony Labriola tony@thinkinsideout.com (978)
815-8640
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