logo
  

Global Payments To Buy Zego From Vista Equity For $925 Mln Cash

Payment technology company Global Payments Inc. (GPN) has decided to acquire property technology company Zego from Vista Equity Partners, in an all cash transaction valued at $925 million, the company said in a statement.

The effective purchase price, excluding a tax asset, is about $830 million.

"This acquisition aligns perfectly with Global Payments' strategy by enhancing our position at the convergence of software and payments in one of the largest and most attractive vertical markets worldwide, where digital commerce and omni-channel trends are rapidly accelerating," said Cameron Bready, Global Payments President and Chief Operating Officer.

Zego's solutions support property managers and residents throughout the real estate lifecycle, from leasing and onboarding to one-time and recurring payments, work orders, utility management, resident communications, renewals, and offboarding.

Zego's real estate technology platform is being used by nearly 7,000 property management customers representing more than 11 million residential units in the United States. Through its integrated payments offering, Zego facilitates nearly $30 billion in payments, a year, in a market with volume opportunity exceeds $1 trillion, Global Payments said.

The deal is expected to close by the end of the second quarter of 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
PepsiCo, Inc. (PEP) has reached an agreement with private equity firm PAI Partners to sell Tropicana, Naked and other select juice brands across North America. The agreement also includes an irrevocable option to sell certain juice businesses in Europe. The combined pre-tax cash proceeds will be approximately... Drug major Eli Lilly And Co. reported Tuesday weak profit in its second quarter, despite higher revenues driven by strong volume across core business and most major geographies. Further, the company trimmed its forecast for fiscal 2021 earnings on a reported basis and margin, while maintained adjusted earnings view above market estimates. The company also tightened full-year revenue forecast. Shares of BMW Group were losing around 5 percent in German trading after the luxury automaker warned Tuesday that its second half-year is likely to be more volatile, affected by supply bottlenecks, high prices for raw materials and a shortage of semiconductors. This was despite reporting strong second-quarter results driven by solid demand.
Follow RTT