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Benzinga

Business

Anusuya Lahiri

Paya Acquires VelocIT Business Solutions For Undisclosed Sum

PAYA Morgan Stanley

Paya Holdings Inc (NASDAQ:PAYA) acquired VelocIT Business Solutions for an undisclosed sum.
VelocIT provides fully integrated, omnichannel payment solutions to accounting and ERP partners, driving frictionless commerce experiences for their end-users.
Paya noted VelocIT expands and strengthens its integrated payments capabilities.
"We are excited to welcome the VelocIT team to Paya as we look to expand and accelerate Paya's growth within the ERP channel," said Jeff Hack, Paya's CEO.
Paya held $133.1 million in cash and equivalents as of September 30.
Analyst Rating: Morgan Stanley maintained Paya with an Equal-Weight and lowered the price target from $8.50 to $6.50.
Price Action: PAYA shares traded higher by 6.62% at $6.28 on the last check Thursday.

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