M&A momentum continues this week in the merchant acquiring industry as Paymentus sets their sights on rapid product and geographic expansion. This week, the company announced their deal to acquire Payveris for approximately $152.2 million, of which 56% will be paid in cash while the remaining 44% to be paid in Class A common stock. This acquisition complements Paymentus’ existing product offerings and enables them to expand upon their network of financial institutions. Paymentus plans to offer their proprietary Instant Payment Network to new sales channels while also enhancing Payveris’ MoveMoney platform with real-time capabilities. In addition to the Payveris acquisition, Paymentus also recently acquired Finovera, a bill aggregation technology provider, which they announced in their latest Q2 earnings release. These deals come on the heels of Paymentus’ recent IPO in May of this year, in which the company raised $210 million in capital as a result.
In other M&A news, U.S. Bank announced their agreement to acquire Bento Technologies (known as Bento for Business), a business spending management provider for the SMB market. With this acquisition, U.S. Bank is creating a more rounded payment offering as it relates to accounts payable/receivable capabilities that complements their existing Elavon and talech business units.