Paymentus Holdings Inc., a provider of cloud-based bill-payment technology, announced Tuesday it has agreed to acquire Payveris LLC, a digital money-movement platform, in a deal valued at $152.2 million. Paymentus will pay 56% of the purchase price in cash and the remainder in Paymentus Class A common stock.
The acquisition strengthens Paymentus’s strategy of building a bill-payment platform for financial institutions and other industries. Payveris provides cloud-based software through its MoveMoney platform to more than 265 banks to enable bill payment and person-to-person and account-to-account transactions, as well as fraud prevention.
Paymentus expects the acquisition to increase the market opportunity for its existing solutions and enhance Payveris’s 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,” Dushyant Sharma, Paymentus’s president and chief executive says in a prepared statement. “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.”
Once the acquisition closes, Paymentus will provide Payveris’s bank and credit-union clients access to its Instant Payment Network and offer Payveris clients who service loans its omni-channel bill-presentment and -payment platform. In addition, Payveris’s bank and credit union clients will be able to offer the Paymentus platform to their business and commercial clients.
On the flip side, Paymentus customers will gain the ability to view bills and make real-time payments at the more than 265 banks and credit unions Payveris serves.
“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,” Payveris chief executive Ron Bergamesc said in a prepared statement. “This network will be the foundation for delivering rapid digital payment innovation to financial institutions.”