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Benzinga
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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