Payments company Repay Holdings Corp. is broadening its B2B payments footprint through the acquisition of APS Payments, according to a press release.
APS will be acquired for $60 million, $30 million of which has already been paid. The remaining balance will be paid upon achieving key performance metrics, the companies said.
APS, based in Arizona, targets B2B payments by offering payment processing that integrates directly into corporate enterprise resource management (ERP) platforms.
In a statement, Repay CEO John Morris said APS’s offering fits with the company’s acquisition strategy of targeting “high growth businesses with attractive margins, a strong existing distribution model, and technology enhancement opportunities.”
“In addition, APS provides us with end-market diversification and organic growth opportunities, which we believe will help drive shareholder value,” he said. “We are thrilled to welcome the APS team into the Repay family and look forward to working. together to grow B2B electronic payments, as businesses continue to implement new payment technology.”
“Our mission has been to create highly robust, yet easy to use, payment solutions for our clients,” added APS CEO David Ford in another statement. “We believe joining the Repay team will enable us to advance that mission and capitalize on the ongoing growth in B2B electronic payments, as businesses continue to implement new payment technology and move away from issuing and accepting paper checks.”
The companies noted that APS’s offering will migrate to the Repay platform and continue to support ERP software integrations. Repay also noted that as a result of similar, previous acquisitions, the company is familiar with how to support the integration of APS.
In August, Repay announced an expansion into Canada for B2C payments efficiencies, allowing lenders to accept online payments via consumer-facing and white-labeled mobile apps, text payments and other channels. Its loan repayment technology targets personal and automotive loans in the country.