PAY - Paymentus to buy Payveris for about $152 million

Paymentus (NYSE:PAY) inks an agreement to acquire Payveris to expedite its initiatives to serve financial institutions and grow the reach of Paymentus' proprietary Instant Payment Network. The purchase price is ~$152.2 million (~56% in cash and 44% in stock). Payveris is a provider of cloud-based software that enables over 265 banks and credit unions to modernize and simplify bill pay, person-to-person and account-to-account money movement, and fraud prevention through a unified platform. The purchase expands Paymentus' Instant Payment Network® to banks and credit unions. Paymentus will also offer Payveris clients who service loans its omni-channel bill presentment and payment platform to modernize their loan payment operations. The transaction has been approved by the Boards of Directors of Payveris and Paymentus, and is expected to close in Q3'21, subject to customary closing conditions.

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Paymentus to buy Payveris for about $152 million