GTCR Announces Completion of Paya’s Public Offering via SPAC Merger

Deal represents firm’s successful execution of The Leaders Strategy within the payments industry

GTCR, a leading private equity firm, announced the completion of the transaction involving portfolio company Paya, a leading integrated payments and commerce solution provider, which will result in Paya’s listing as a publicly-traded company. Shareholders of FinTech Acquisition Corp III, a publicly-traded special purpose acquisition company, approved the business combination with Paya. As a result, the combined company changed its name to Paya Holdings Inc. and will trade on the Nasdaq Stock Market with the ticker symbol “PAYA” beginning October 19, 2020. GTCR will remain as Paya’s largest shareholder.

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GTCR acquired Paya in 2017 from global accountancy software provider Sage PLC. Prior to GTCR’s purchase, the business operated as Sage Payment Solutions. In executing its Leaders Strategy, GTCR partnered with Jeff Hack in 2018 to transform the company within the rapidly evolving integrated payments space. Together, GTCR and Mr. Hack introduced a new senior management team, completed a carveout from Sage, invested in new technology and product capabilities, accelerated organic growth, and executed three highly strategic acquisitions. Paya operates today as a leading pure-play integrated payments platform in attractive end markets such as B2B, healthcare, government, utilities, non-profit and faith-based.

CEO Jeff Hack, along with his management team, will continue to execute the Company’s growth strategy going forward.

“We’d like to thank Jeff Hack and the rest of the Paya management team for their strong partnership and tireless efforts which have led to this important milestone,” said Collin Roche, GTCR Managing Director. “As the largest shareholder, we look forward to continuing to support the Company’s growth and success as a unique integrated payments platform in the public market.”

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“The Paya transformation during the last three years has been remarkable,” said Aaron Cohen, GTCR Managing Director. “Paya’s evolution from a corporate subsidiary to a publicly traded company is a great illustration of the GTCR Leaders Strategy at work.”

“We’d like to thank GTCR for their contribution to Paya’s strategy and success,” said Jeff Hack, Paya CEO. “The firm has been an exceptional partner, and we are excited for their continued support of our growth strategy while operating in the public market. I’d also like to express my appreciation to the public market investors who have invested in support of the next chapter in Paya’s evolution.”

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