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GTCR Announces Appointment of Jeff Hack as Paya CEO

CHICAGO, Nov 15, 2018, /PR Newswire/ — GTCR, a leading private equity firm, is pleased to announce the appointment of Jeffrey Hack as Chief Executive Officer and member of the Board of Directors of Paya (formerly known as Sage Payment Solutions). Most recently, Mr. Hack was an Executive Vice President and Management Committee Member at First Data Corporation (“First Data”), a global provider of payments technology and the largest US merchant processor. Mr. Hack was an integral part of the leadership team that transformed First Data, leading to a successful IPO. During his tenure, he held various leadership roles at the firm, including serving as COO of Global Business Solutions, First Data’s largest division. At First Data, Mr. Hack led the commercialization of integrated payments and software solutions to SMB clients, resulting in increased sales and retention.

Mr. Hack has spent his entire career within the financial services industry, holding senior positions at Morgan Stanley Smith Barney, JP Morgan Chase & Company, and McKinsey. He holds a bachelor’s degree in Economics from The Wharton School at the University of Pennsylvania and an MBA from Harvard Business School.

Since GTCR’s acquisition of Paya in August 2017, Paya has invested to significantly enhance its technology and offerings. Key accomplishments include launching a next-generation payments gateway, increasing the breadth and depth of its software offerings and releasing new vertically-focused solutions to allow payments integration into customers’ day to day workflow. Also, in support of its strategy to invest in vertically-focused integrated payments, on Nov 1, 2018, Paya acquired Stewardship Technology. Stewardship is a leading payments facilitator empowering nonprofits, faith-based organizations and educational institutions. To advance Paya’s growth efforts, GTCR has committed up to $350 million of equity capital to the platform. The company is actively pursuing other acquisition opportunities that further enhance its capabilities, scale, and differentiation.

“I am looking forward to working with GTCR and the talented team at Paya,” said Jeff Hack. “Paya offers a market leading payments solution with world-class support to our partners and end customers. We have made great strides as a focused, independent company and will continue to enhance our integrated solutions through investments in innovation. GTCR’s growth orientation and deep industry experience in payments make them an ideal partner.”

“Jeff’s demonstrated track record and highly complementary experience make him the ideal CEO of Paya”, said Aaron Cohen, Managing Director at GTCR. Cohen continued: “Partnering with Jeff gives us the opportunity to accelerate our growth through investments in software and vertical-specific solutions as well as continue our M&A efforts”.

 

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Stewardship Technology joins payments technology leader Paya

Paya Acquires Stewardship Technology to Add Expertise in Nonprofit, Faith-based and Educational Industries

Will add differentiated payments facilitator platform and industry-leading software to Paya’s best-in-class suite of products making commerce easier than ever

ATLANTA, GA. November 1, 2018 — Paya, the provider of innovative payment solutions for businesses, today announced the acquisition of Stewardship Technology Inc., (“Stewardship Technology”), a leading payments facilitator empowering nonprofits, faith-based organizations and educational institutions to make online giving and payment processing fast, secure and efficient. The acquisition will support Paya’s strategic growth plan by adding expertise with nonprofit and faith-based organizations to deliver completely customizable payment and software solutions.

Stewardship Technology’s robust payment facilitator business model, electronic giving solutions (EGS) platform, pension and benefits platform, and MissionPay application will be added to Paya’s existing suite of solutions, giving Paya partners and customers access to new capabilities and services including Stewardship Technology’s industry-leading donation management software.

“Stewardship Technology’s emphasis on service for the customer, combined with their robust product offerings made this acquisition a natural fit for Paya,” said Paya President Greg Cohen. “With this acquisition, Paya will be primed to offer new capabilities and launch into new verticals that will support our continued growth while maintaining our mission to be the best payments technology solution for businesses. We’re thrilled to bring the entire Stewardship Technology team into the Paya family to accelerate growth.”

“We could not have found a better partner than Paya to help us achieve our next phase of growth,” said Stewardship Technology Founder and CEO Stuart Washington. “Paya’s unique set of industry expertise and product capabilities are a perfect fit for us.”

Nina Vellayan, Stewardship Technology President added: “We’re a company that cares about our clients, so joining with Paya, a company equally committed to its customers, was a great move for us.”

Stewardship Technology’s brand will remain in the market, the team will continue forward with the business, and over the coming weeks, both teams will work together to preserve our ongoing commitment to the customers.

For more information on what Paya can do for your business, visit https://paya.com/.

About Paya

Paya, Inc. provides innovative payment solutions for businesses. The company is rapidly advancing its platform and diverse set of technologies to enable flexible, easy to implement payment solutions that transform and grow businesses across industries. More than 2,000 partners trust Paya’s technology and experience to deliver value and growth for 100,000 customers. Paya is a GTCR backed company headquartered in Reston, VA, with offices in Atlanta, GA, and Fort Walton Beach, FL. For more information, visit https://paya.com/ or follow us on Twitter: @PayaHQ, LinkedIn: Paya.com and Facebook: PayaHQ.