M&A traction picks up this week across the payments industry as several firms announce new deals to support their strategic growth initiatives. To start, Versapay has announced their acquisition of DadeSystems, a complementary Accounts Receivable (AR) automation provider that predominantly serves the mid-market and enterprise-level customers. This acquisition expands upon the two companies’ long-term partnership and allows Versapay to broaden their solution set within this space. The combined company will now facilitate more than $60 billion in annual payment volume. Separately, Payroc announced this week their acquisition of Worldnet, a global omnichannel payment gateway geared towards ISVs. Worldnet currently connects to over 65 processors and acquirers as well as serves more than 40,000 merchants and partners. With this acquisition, Payroc is able to further accelerate their integrated payments solutions with ISVs and broaden their reach into new and existing market verticals.
In other M&A news, Synovus Bank has made a strategic investment in Qualpay which will result in a 60% ownership interest. As part of their controlling stake, Synovus plans to leverage Qualpay’s technology in their money-as-a-service offering, Maast. The combined technologies will encompass embedded payments and banking into one platform that can be accessible via a single onboarding experience.