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
Viona Pharmaceuticals Inc. has recalled type 2 diabetes drug Metformin in the form of oral film-coated tablets for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Ford Motor Co. on Monday issued a recall for a total of 19,626 2021 F-Series Super Duty vehicles with dual rear wheels in North America. These include 17,616 vehicles in the U.S. and federal territories; 1,779 in Canada; and 231 in Mexico. The affected vehicles are equipped with front-wheel hub extenders... Royal Philips has recalled specific sleep and respiratory care devices due to the potential health risks related to the polyester-based polyurethane or PE-PUR sound abatement foam component. The affected products include Bi-Level Positive Airway Pressure or Bi-Level PAP, Continuous Positive Airway Pressure or CPAP, and mechanical ventilator devices.
Follow RTT