Payment processing software company Paymerang earlier this month acquired invoice automation provider KwikTag and artificial intelligence data company Sypht. (Courtesy of Paymerang)
A Chesterfield-based payment processing company has processed a transaction of its own in a bid to fuel its growth.
Paymerang announced Tuesday it recently acquired invoice automation company KwikTag and artificial intelligence data company Sypht, both from the same seller.
Paymerang CEO Nasser Chanda said the deal is the latest example of a recent trend toward acquisitions as a growth strategy for the company, which was founded in 2010 and sells business-to-business automated invoice and payment processing software.
“We have a strong organic growth track record and we’re going to continue in that. But we’ve shown we have proficiency at finding companies that are a good fit for us and integrating them,” Chanda said, adding that Paymerang has been actively looking for acquisition opportunities.
Paymerang bought the two companies from Arizona-based software firm enChoice. The acquisition of the companies was completed April 3. Terms weren’t disclosed.
The deal is the second time Paymerang has made an acquisition since taking on private equity capital in 2018 from a group led by Aldrich Capital Partners. That $26 million investment round gave Aldrich a majority ownership stake in Paymerang. In 2019, Paymerang acquired Inworks Servicing, an automated accounts payable company focused on the healthcare industry.
Paymerang CEO Nasser Chanda
KwikTag is a remote company that was formerly headquartered in Arizona. Sypht is based in Australia. Between them the companies bring about 40 workers to Paymerang, giving it an overall headcount of about 280 people, Chanda said.
Chanda said the deal was desirable in part because KwikTag and Sypht are tapped into international markets. He said Paymerang didn’t operate internationally prior to the deal, and now has access to companies in more than 25 countries by way of its new subsidiaries.
The deal also brings along around 400 clients, giving Paymerang a customer base of around 1,000. Chanda said Paymerang’s clients tend to be mid-market companies in industries like healthcare, hospitality, education and manufacturing.
Paymerang is headquartered in a 33,000-square-foot space at 7401 Beaufont Springs Drive in the Boulders office park. Chanda said the company is weighing an expansion of its headquarters, which could take the form of adding more space in the Boulders, as it did in early 2022, or relocation to a new, larger property in the area.
Paymerang’s employees are mostly based in the Richmond area. The company opened an office in Wise County, Virginia, last summer where it has a 15-person team.
Payment processing software company Paymerang earlier this month acquired invoice automation provider KwikTag and artificial intelligence data company Sypht. (Courtesy of Paymerang)
A Chesterfield-based payment processing company has processed a transaction of its own in a bid to fuel its growth.
Paymerang announced Tuesday it recently acquired invoice automation company KwikTag and artificial intelligence data company Sypht, both from the same seller.
Paymerang CEO Nasser Chanda said the deal is the latest example of a recent trend toward acquisitions as a growth strategy for the company, which was founded in 2010 and sells business-to-business automated invoice and payment processing software.
“We have a strong organic growth track record and we’re going to continue in that. But we’ve shown we have proficiency at finding companies that are a good fit for us and integrating them,” Chanda said, adding that Paymerang has been actively looking for acquisition opportunities.
Paymerang bought the two companies from Arizona-based software firm enChoice. The acquisition of the companies was completed April 3. Terms weren’t disclosed.
The deal is the second time Paymerang has made an acquisition since taking on private equity capital in 2018 from a group led by Aldrich Capital Partners. That $26 million investment round gave Aldrich a majority ownership stake in Paymerang. In 2019, Paymerang acquired Inworks Servicing, an automated accounts payable company focused on the healthcare industry.
Paymerang CEO Nasser Chanda
KwikTag is a remote company that was formerly headquartered in Arizona. Sypht is based in Australia. Between them the companies bring about 40 workers to Paymerang, giving it an overall headcount of about 280 people, Chanda said.
Chanda said the deal was desirable in part because KwikTag and Sypht are tapped into international markets. He said Paymerang didn’t operate internationally prior to the deal, and now has access to companies in more than 25 countries by way of its new subsidiaries.
The deal also brings along around 400 clients, giving Paymerang a customer base of around 1,000. Chanda said Paymerang’s clients tend to be mid-market companies in industries like healthcare, hospitality, education and manufacturing.
Paymerang is headquartered in a 33,000-square-foot space at 7401 Beaufont Springs Drive in the Boulders office park. Chanda said the company is weighing an expansion of its headquarters, which could take the form of adding more space in the Boulders, as it did in early 2022, or relocation to a new, larger property in the area.
Paymerang’s employees are mostly based in the Richmond area. The company opened an office in Wise County, Virginia, last summer where it has a 15-person team.