Repay acquires accounts payable automation company Kontrol Payables
Repay Holdings Corporation, the Atlanta-based B2B payments processing company, has announced the acquisition of Kontrol Payables for $11 million, of which $8 million will be paid at the closing of the deal.
“In an increasingly digital world, there continues to be ever-strengthening demand for technology-first B2B automation and payment solutions, as enterprise customers aim to reduce costs and streamline back-office processes”, said John Morris, CEO of Repay. Adding to this CEO also emphasised that this acquisition will give the company an opportunity to leverage its B2B technology infrastructure, increase virtual card volume and B2B AP automation business.
According to the press note, Kontrol is an integrated accounts payable automation solutions provider which works in different industries and uses its 30+ ERP integrations and network of over 13,000 suppliers for efficient AP workflows.
Kontrol Payables executes outbound client payments via virtual card, ACH, and check. It also noted that the company is expected to process approximately $300 million of virtual card volume in 2021.
Repay notes that the acquisition will be financed with cash on hand.