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GTCR Announces Completion Of Paya's Public Offering Via SPAC Merger

Deal represents firm's successful execution of The Leaders Strategy™ within the payments industry
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CHICAGO, Oct. 16, 2020 /PRNewswire/ -- GTCR, a leading private equity firm, announced today the completion of the transaction involving portfolio company Paya, a leading integrated payments and commerce solution provider, which will result in Paya's listing as a publicly-traded company. On October 15, 2020, shareholders of FinTech Acquisition Corp III (FTAC) - Get FinTech Acquisition Corp. III Class A Report ("FinTech III"), a publicly-traded special purpose acquisition company ("SPAC"), approved the business combination with Paya. As a result, the combined company changed its name to Paya Holdings Inc. ("Paya" or the "Company") and will trade on the Nasdaq Stock Market with the ticker symbol "PAYA" beginning October 19, 2020. GTCR will remain as Paya's largest shareholder.

GTCR acquired Paya in 2017 from global accountancy software provider Sage PLC. Prior to GTCR's purchase, the business operated as Sage Payment Solutions. In executing its Leaders Strategy TM, GTCR partnered with Jeff Hack in 2018 to transform the company within the rapidly evolving integrated payments space. Together, GTCR and Mr. Hack introduced a new senior management team, completed a carveout from Sage, invested in new technology and product capabilities, accelerated organic growth, and executed three highly strategic acquisitions. Paya operates today as a leading pure-play integrated payments platform in attractive end markets such as B2B, healthcare, government, utilities, non-profit and faith-based.

CEO Jeff Hack, along with his management team, will continue to execute the Company's growth strategy going forward.

"We'd like to thank Jeff Hack and the rest of the Paya management team for their strong partnership and tireless efforts which have led to this important milestone," said Collin Roche, GTCR Managing Director. "As the largest shareholder, we look forward to continuing to support the Company's growth and success as a unique integrated payments platform in the public market."

"The Paya transformation during the last three years has been remarkable," said Aaron Cohen, GTCR Managing Director. "Paya's evolution from a corporate subsidiary to a publicly traded company is a great illustration of the GTCR Leaders Strategy TM at work."

"We'd like to thank GTCR for their contribution to Paya's strategy and success," said Jeff Hack, Paya CEO. "The firm has been an exceptional partner, and we are excited for their continued support of our growth strategy while operating in the public market. I'd also like to express my appreciation to the public market investors who have invested in support of the next chapter in Paya's evolution." Evercore acted as capital markets and financial advisor to Paya. William Blair acted as financial advisor to Paya. Kirkland & Ellis LLP acted as legal counsel to Paya. Cantor Fitzgerald & Co. and Northland Capital Markets acted as capital markets advisors to FinTech III. Morgan Stanley acted as M&A advisor to FinTech III. Ledgewood PC acted as legal counsel to FinTech III. Morgan Stanley, Evercore and Cantor Fitzgerald & Co. acted as private placement agents.

About GTCRFounded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $18 billion in over 200 companies.

About PayaPaya is a leading provider of integrated payment and frictionless commerce solutions that help customers accept and make payments, expedite receipt of money, and increase operating efficiencies. The company processes over $30 billion of annual payment volume across credit/debit card, ACH, and check, making it a top 20 provider of payment processing in the US and #6 overall in e-Commerce. Paya serves more than 100,000 customers through over 2,000 key distribution partners focused on targeted, high growth verticals such as healthcare, education, non-profit, government, utilities, and other B2B goods and services. The business has built its foundation on offering robust integrations into front-end CRM and back-end accounting systems to enhance customer experience and workflow. Paya is headquartered in Atlanta, GA, with offices in Reston, VA, Fort Walton Beach, FL, Dayton, OH, Mt. Vernon, OH and Dallas, TX.

About FinTech Acquisition Corp IIIFinTech Acquisition Corp. III was a special purpose acquisition company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, with a focus on the financial technology industry.  The company raised $345,000,000 in its initial public offering in November 2018. Forward Looking Statements

This document includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as  "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of FinTech Acquisition Corp. III, Paya, or the combined company after completion of the business combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These  factors include, but are not limited to: (1) the risk that the business combination disrupts current plans and operations of Paya, (2) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (3) costs related to the business combination; (4) changes in applicable laws or regulations; (5) the possibility that Paya may be adversely affected by other economic, business, and/or  competitive factors; and (6) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the SEC by FinTech Acquisition Corp. III or the combined company. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. FinTech Acquisition Corp. III and Paya undertake no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Media Inquiries: Kellie Kennedy, 312-933-4903

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