Repay Holdings Corp. acquired Mesa, Ariz.-based APS Payments for $60 million, of which $30 million was paid at closing.
The remaining $30 million may be paid upon the achievement of performance growth targets. The deal was financed with a combination of cash on hand and proceeds from borrowings from Repay Holdings' credit facility.
APS Payments is a payments provider focused on the business-to-business vertical.
The acquisition is immediately accretive to earnings.