Thunder Bridge Acquisition, a special purpose acquisition company, has wrapped the acquisition of Repay Holdings for approximately $580.7m.
The acquisition of Repay, an integrated payment processing solutions provider, was approved by Thunder Bridge’s shareholders at an extraordinary general meeting this week.
As a part of the agreement, Thunder Bridge is now rebranded as Repay Holdings.
Repay’s management team, which includes John Morris, Shaler Alias and Tim Murphy, will continue to lead the merged the entity.
Thunder Bridge executive chairman Pete Kight will serve as chairman of the combined company’s board of directors.
Repay management team and private equity investor Corsair Capital will remain key investors of the company.
John Morris said: “We are excited to partner with our new board of directors and investors as we continue to execute on Repay’s growth plan as a public company.
“We are especially thankful to Corsair who has been a great partner and instrumental to our success, and we look forward to continuing to work alongside them as stockholders and board members.
“This transaction allows us to have access to capital to further support our acquisition strategy and invest in technology while continuing to develop software integration partners.”
Corsair Capital managing director Jeremy Schein said: “We are very pleased to have the opportunity to remain stockholders in Repay as it continues to execute on its growth plan as a leader in the integrated payments space.”
Repay delivers integrated payment processing solutions to verticals with specific transaction processing requirements. Its payment technology platform simplifies electronic payments for merchants.