The deal will see Nuvei acquire Paya’s software and payments systems, and diversifies its core business.
Philip Fayer, Nuvei’s Chair and CEO, said: “The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and B2B.
“The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan.”
Jeff Hack, Paya CEO, added: "We are pleased to have reached this transaction with Nuvei, which is a testament to the incredible talent at Paya and will deliver immediate and significant cash value to Paya shareholders.
“We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable end-markets and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”
Dutch players will now be able to immediately access funds from their iGaming account when a request for payout is made via an instant bank transfer.
Nuvei partnered with Holland Casino Online earlier this year, as the operator’s principal payments provider and supported the operator as it launched as the first live platform in the newly regulated Dutch iGaming market.