Just when it looked like mergers and acquisitions had gone on vacation, there’s some FinTech news to report in the B2B sphere.
Repay Holdings Corporation, a provider of vertically-integrated payment solutions, announced it has acquired Kontrol Payables. The deal is worth up to $11 million US, of which $8 million was paid at closing. Repay Holdings is financing the acquisition with cash on hand.
Kontrol, founded in 2011, is an integrated accounts payable automation solutions provider. It serves clients in a variety of end markets, including construction, food production, software, manufacturing, and education. It is expected to process approximately $300 million of virtual card volume in 2021.