Paya says it will provide capital and resources to accelerate FBS’ technology offerings and support of its rapidly growing customer base. In addition, Paya plans to incorporate key components of the FBS solution set into Paya Connect, its partner-centric portal and API application suite, allowing existing and prospective partners access to this set of tools.
Jeff Hack, Paya‘s new CEO, tells Channel Partners the acquisition will substantially increase the breadth of Paya solutions available to existing partners.
“Importantly, this also provides FBS with substantially increased distribution strength, which will further accelerate the growth trajectory of FBS,” he said.
Paya was introduced to FBS during its capital raising process and “immediately saw a natural fit” with Paya’s existing strategic road map, Hack said.
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“In addition to adding coverage in a highly targeted vertical for Paya, the acquisition provides bill-payment solutions that Paya will be able to offer across its existing customer base (regardless of vertical), and adds a rapidly growing platform that is accretive to Paya’s existing top-line growth,” he said.
Paya’s strategy is to provide software-based integrated payment solutions to partners and clients in each of its target verticals, Hack said. FBS fits this strategic focus “perfectly” with largely the same approach in two fast-growing verticals, he said.
“Joining Paya will allow us to better serve our existing customers and expand the customized solutions available to them,” said Pat Dorsey, FBS’s founder and CEO. “We’re proud to have created a one-stop, integrated billing and payments platform for our customers. As part of Paya, FBS will continue to provide the outstanding service our customers have come to expect, while delivering a broader set of capabilities.”