KKR & Co. will pay more than €600 million to AnaCap Financial Partners LLP to acquire German electronic payment company Heidelberger Payment GmbH, the Financial Times reported, citing people familiar with the matter.

KKR beat out other private equity firms such as EQT AB and Nordic Capital as well as potential strategic buyers such as Worldline SA and Nets Holding A/S, the FT said.

The bidding war is a sign that the payments market is gaining steam, with the rise in digital payments spurring higher company valuations, the newspaper reported.

AnaCap bought a majority stake in Heidelpay two years ago and has built the company up through add-on acquisitions.