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Driving increased payment volume through software continues to be a large interest as Global Payments as well as Bill.com announce significant acquisitions this week. To start, Global Payments announced their agreement to acquire Zego from Vista Equity Partner. Zego is a U.S. property management software provider that facilitates approximately $30 billion in annual payment volume. Global Payments will acquire Zego in an all-cash transaction valued at $925 million. This transaction is expected to close later this quarter. Separately, Bill.com announced yesterday (May 6th) that they have entered into a definitive agreement to acquire Divvy, a provider of business expense management software. Bill.com will pay approximately $625 million in cash and $1.875 billion in stock, for a total consideration of about $2.5 billion. With this acquisition, Bill.com will be able to expand their complimentary B2B spending management product offerings allowing for more automation and real-time data to their customer base of more than 115,000.
In other M&A news, Nuvei announced their agreement to acquire Simplex for approximately $250 million in cash. Simplex is a fintech startup that provides a fiat cryptocurrency payment gateway. Nuvei anticipates that this acquisition will allow them to expand their array of alternative payment methods.