M&A Deal Summary

Repay Holdings Acquires BillingTree

On May 10, 2021, Repay Holdings acquired internet software and services company BillingTree from Parthenon Capital for 503M USD

Acquisition Highlights
  • This is Repay Holdings’ 6th transaction in the Internet Software and Services sector.
  • This is Repay Holdings’ largest (disclosed) transaction.
  • This is Repay Holdings’ 11th transaction in the United States.
  • This is Repay Holdings’ 3rd transaction in Arizona.

M&A Deal Summary
Date 2021-05-10
Target BillingTree
Sector Internet Software and Services
Buyer(s) Repay Holdings
Sellers(s) Parthenon Capital
Deal Type Add-on Acquisition
Deal Value 503M USD
Advisor(s) Financial Technology Partners (Financial)

Target

BillingTree

Scottsdale, Arizona, United States
BillingTree is a provider of integrated payments solutions to the healthcare, ARM and financial services industry verticals. Through its technology-enabled suite of products and services, BillingTree enables organizations to increase efficiency and decrease the costs of payment processing while adhering to compliance regulations. BillingTree was founded in 2003 and is based in Scottsdale, Arizona.

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Buyer(S) 1

Buyer

Repay Holdings

Atlanta, Georgia, United States
Category Company
Founded 2006
Sector Internet Software and Services
Employees512
Revenue 297M USD (2023)
DESCRIPTION

Repay Holdings is a full-service provider of electronic transaction processing services for retail merchants, offering a comprehensive line of solutions that include credit and debit cards, gift cards, ACH, bank account verification, electronic bill payment, and instant funding. Repay Holdings was founded in 2006 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 11 of 13
Sector (Internet Software and Services) 6 of 6
Type (Add-on Acquisition) 11 of 13
State (Arizona) 3 of 3
Country (United States) 11 of 13
Year (2021) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 CPS Payment Services

Atlanta, Georgia, United States

CPS Payment Services is a B2B payment and accounts payable (“AP”) automation technology provider that facilitates the issuance, execution, and reconciliation of virtual cards, enhanced ACH, ACH, and check payments through an integrated software platform. CPS’s offering is highlighted by its proprietary AP automation software, the CPS Payment Portal, which provides purpose-built, highly configurable workflow management and automation across the entire B2B payments lifecycle from ERP integration to payment execution and reconciliation. CPS has developed a proprietary database of over 20,000 virtual cards and enhanced ACH accepting suppliers and serves an expanding base of over 160 enterprise clients across various sectors, with the deepest representation in healthcare, education, government, media, and hospitality. CPS Payment Services was formed in 2011 and is based in Atlanta, Georgia.

Buy $93M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-22 Kontrol Payable

Hilton Head, South Carolina, United States

Kontrol Payable is an integrated account payable (“AP”) automation solutions provider serving clients in a variety of end markets, including construction, food production, software, manufacturing, and education. Kontrol utilizes its 30+ ERP integrations and network of over 13,000 suppliers to deliver efficiencies to its clients’ AP workflows, ultimately executing its clients’ outbound payments using a variety of payment modalities, including virtual card, enhanced ACH, ACH, and check. Kontrol Payable was founded in 2011 and is based in Hilton Head, South Carolina.

Buy $11M

Seller(S) 1

SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.

DEAL STATS #
Overall 30 of 34
Sector (Internet Software and Services) 2 of 2
Type (Add-on Acquisition) 12 of 15
State (Arizona) 1 of 1
Country (United States) 30 of 34
Year (2021) 2 of 5
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-11 loanDepot

Foothill Ranch, California, United States

loanDepot is a provider of online direct-to-consumer mortgage loans to borrowers. The company also provides settlement services, real estate services, insurance brokerage services, and other consumer insurance policies. IoanDepot was founded in 2010 and is based in Foothill Ranch, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-11 Periscope Holdings

Austin, Texas, United States

Periscope Holdings is a provider of purpose-based procurement. Periscope eradicates waste and maximizes the value of every dollar spent by our public sector and higher education clients with procurement transformation solutions and services. Periscope Holdings was founded in 2001 and is based in Austin, Texas.

Sell -
Mergr

Product

Company

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