Cromwell’s Payveris to be acquired in $152M deal
HBJ PHOTO | Gregory Seay
Payveris LLC CEO Ron Bergamesca.
A West Coast provider of cloud-based bill pay technology has agreed to acquire Cromwell’s Payveris in a deal worth $152.2 million.
In a statement released Wednesday, officials with Washington-based Paymentus Holdings Inc. said the boards of directors at both companies have approved the planned buyout, which is expected to close some time in the third quarter of this year. About 56% of the purchase price will be paid in cash, they said, while the remaining 44% will be covered through Paymentus Class A common stock.
Payveris, which got its start in Wethersfield in 2011, provides digital payment products to over 265 banks and credit unions.
Officials on both sides of the transaction said the linkup will expand the combined firm’s market while delivering new benefits to clients, including enhanced bill presentation and payment platforms. Payveris’s bank and credit union customers will also get access to Paymentus’s proprietary Instant Payment Network, which counts Walmart, PayPal and Amazon as strategic partners.
“Paymentus is the perfect home for Payveris,” said Payveris CEO Ron Bergamesca. “The companies have strong cultural and strategic alignment and highly complementary technologies that, when combined, create a real-time payment network connecting consumer accounts at their financial institutions and their billers. This network will be the foundation for delivering rapid digital payment innovation to financial institutions.”
Last year Payveris raised $6.7 million in venture capital investment — more than the previous three years combined. Bergamesca in February told HBJ the company planned to use that money to hire up to 25 new workers and boost marketing efforts.
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