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October 24, 2020TransactionWatch

TransactionWatch – Week of October 19th – October 23rd

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Activity among special purpose acquisition companies (SPACs) within the merchant acquiring industry, as well as the overall market, has been very predominant this year. SPACs have garnered more attention from payment entities in recent months, presumably due to COVID-19’s affect on the market. One of the more notable transactions was Paya’s merger with FinTech Acquisition Corp. III in August, which recently closed and enlisted Paya to the Nasdaq on Monday (Oct. 19th). Separately, BillTrust announced this week their intentions to go public through a merger with South Mountain Merger Corp., a SPAC currently listed on the Nasdaq. Following the completion of the merger, the combined entity will have an implied estimated enterprise value of $1.3 billion and will change its name to BTRS Holdings.

In other M&A news, Syncapay announced this week the combination of daVinci Payments and North Lane Technologies, formerly Wirecard North America. The combined company will operate under Syncapay, who acquired daVinci Payments in 2017. As part of the transaction, Wirecard North America has rebranded to North Lane Technologies, presumably to differentiate itself among its German affiliate Wirecard A.G. This is the latest deal in the dismantling of Wirecard’s global assets, which follows the sale of its Brazilian, Romanian, and United Kingdom units.

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