Business
REPAY Divests Blue Cow Software, a Fuel and Propane Management Business
REPAY Reaffirms Its Previously Provided Financial Guidance for FY 2022 Transaction Enables REPAY to Focus on B2B and Consumer Payments Growth Opportunities
About this update from Repay Holdings Corporation
[{"type":"text","content":"\nREPAY Reaffirms Its Previously Provided Financial Guidance for FY 2022\n\nTransaction Enables REPAY to Focus on B2B and Consumer Payments Growth Opportunities\n\n ATLANTA--(BUSINESS WIRE)--\nRepay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of vertically-integrated payment solutions, today announced the divestiture of Blue Cow Software, LLC, (“Blue Cow”), a fuel and propane management software business, to PDI Technologies, Inc., (“PDI”), a leading global provider of software solutions for the convenience retail and petroleum wholesale ecosystem. Blue Cow was a subsidiary of BillingTree, which REPAY acquired in June 2021.\n\n“This transaction is part of our strategy to prioritize investments and resources towards B2B payments and consumer payments verticals,” said John Morris, CEO of REPAY. “We expect that the proceeds of the transaction will be used to improve our financial flexibility, which should enable us to continue to focus on organic growth initiatives, reduce net leverage, and execute accretive M&A transactions for assets where there is a strong strategic fit.”\n\n“We are grateful for the contributions the Blue Cow team members have made to our company and believe PDI will further enhance their operations and product offering,” added John Morris.\n\nStrategic Rationale\n\n\nFocus the business on investments in higher organic growth opportunities\n\n\nAccelerates our path towards net leverage below 3.0x\n\n\nAccretive to REPAY’s organic gross profit growth (1)\n\n\nAdditional information on the transaction, including financial metrics, can be found here (Presentations | Repay Holdings Corporation).\n\nREPAY reaffirms its guidance previously provided with third quarter 2022 results. The Company will provide 2023 financial guidance, including the impact of this transaction, when it reports its fourth quarter 2022 results.\n\nAdvisors\nBarclays served as exclusive financial advisor and Troutman Pepper served as legal advisor to REPAY. Berenson & Company served as exclusive financial advisor and Willkie Farr & Gallagher served as legal advisor to PDI.\n\nAbout REPAY\n\nREPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payme...