TriSource, founded in 2007, provides back-end transaction processing services to independent sales organizations (“ISO’s”) and operates as a direct ISO on behalf of its owned portfolios and external sales agents. TriSource is headquartered in
“TriSource will enable us to build more intelligent payment solutions and bring these solutions to our customers faster. Additionally, we see the potential for strong organic growth in TriSource’s back-end settlement business, and our long partnership with TriSource has illustrated its inherent value proposition. We are looking forward to leveraging TriSource’s capabilities to drive continued growth. Further, the acquisition enhances our M&A strategy, as having our own back-end transaction processing capabilities will allow us to reduce future targets’ transaction processing costs and to expedite other synergy realization efforts. The TriSource acquisition will be immediately and meaningfully accretive to earnings,” said
“We are excited to join the REPAY team,” said
- REPAY acquired TriSource for up to
$60 millionwas paid at closing
- Up to
$5 millionis structured as a performance based earn out
- The acquisition was financed with a combination of cash on hand and borrowings under REPAY’s existing credit facility
- Annualized Adjusted EBITDA is expected to be approximately
- Combined net leverage expected to be approximately 3.5x on a post-transaction basis1
1 Calculated based on the estimated twelve months ended
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REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for lenders, while enhancing the overall experience for consumers.
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