Payments provider Paya Inc. announced a merger with special acquisition merger company (SPAC) FinTech Acquisition Corp III. The merger is being consummated as part of Atlanta.-Ga.based Paya’s plans to take the company public. Currently, the company is owned by private-equity firm GTCR LLC.
“If a merchant needs to quickly get an online store up and running (as many have during the Covid pandemic) and a solutions provider has the technology to provide those services, the solutions provider can do well,” says Jared Drieling, director for consulting and market intelligence at Omaha-based consultancy The Strawhecker Group, in an email message. “That’s why vertical-specific integrated solution providers are hot.”