RPAY - Repay sells fuel & propane management business Blue Cow for $41M

• Repay ( NASDAQ: RPAY ) said Wednesday it divested Blue Cow Software , its fuel and propane management business, to PDI Technologies, which provides software solutions for the convenience retail and petroleum wholesale ecosystem.
• The sale price was ~$41M in cash.
• "This transaction is part of our strategy to prioritize investments and resources towards B2B payments and consumer payments verticals," said Repay ( RPAY ) CEO John Morris.
• The deal accelerates Repay's ( RPAY ) path towards net leverage below 3x and is accretive to its organic gross profit growth.
• Cash proceeds from the sale will be used for reinvestment into the business to drive organic growth, reduce net leverage, and executing accretive M&A.
• Blue Cow is expected to contribute $10M to Repay's ( RPAY ) FY22 revenue and $700M in card payment volume.
• Repay ( RPAY ) also reaffirmed its FY22 guidance.
• Earlier, Barclays named Repay ( RPAY ) as one of its most favored long ideas in fintech for 2023 .

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