Repay (NASDAQ:RPAY) has acquired cPayPlus, LLC for up to $16M, of which $8M was paid at closing, with cash on hand.
cPayPlus, is an accounts payable automation provider to a variety of industries, with concentrations in automotive, property management, and field services. cPayPlus currently maintains over 26,000 enrolled supplier relationships.
The remaining payment of ~$8M to be made in 3Q21, if certain growth targets are achieved. Net leverage is expected to ~1.25xon a post-transaction basis.
Repay expects cPayPlus to generate top line and gross profit growth in excess of 100% annually through 2022, based on historical growth trends.
