Paya Buys Stewardship Technology
November 2, 2018 Mark Hrywna
The Mount Vernon, Ohio-based Stewardship Technology is an electronic giving solutions and pension and benefit processing firm for churches. The acquisition will support a “strategic growth plan by adding expertise with nonprofit and faith-based organizations to deliver completely customizable payment and software solutions,” according to a press release from Paya.
Stewardship Technology is led by co-founder and CEO Stuart Washington, President Nina Vellayan and Chief Technology Officer Craig Page. Vellayan is the former CEO of FrontStream Payments, which made a number of acquisitions in the fundraising technology market during her tenure, including BiddingForGood in 2015 , TRUiST in 2014, and GiftWorks and Artez Interactive in 2013.
With Stewardship’s 20-plus employees, Paya will have a total headcount of about 245 employees, according to a spokeswoman. There are no plans to make any changes to current roles as a result of the acquisition. Stewardship Technology’s brand will remain in the market and current leadership will remain in place, reporting to Paya’s executive management team.
“Stewardship Technology’s emphasis on service for the customer, combined with their robust product offerings made the acquisition a natural fit,” President Greg Cohen said via a press release. “With this acquisition, Paya will be primed to offer new capabilities and launch into new verticals that will support our continued growth while maintaining our mission to be the best payments technology solution for businesses,” he said.
Chicago, Ill.-based private equity firm GTCR, specializing in fintech and payment processing companies, acquired Paya for $260 million in August 2017 when it was called Sage Payment Solutions (SPS). GTCR has committed to $350 million to support “organic growth initiatives and merger and acquisition opportunities,” according to an October 2017 press release announcing Joe Kaplan as CEO of SPS, now Paya.
The re-brand from SPS to Paya occurred in January. SPS’ reported revenue for the year ending September 2016 was $160 million, according to reports at the time of GTCR’s acquisition.
SPS was the North American business unit of The Sage Group, plc, which trades on the London Stock Exchange. The company was acquired by Sage North America in 2006.
Paya has its headquarters in Reston, Va., with offices in Atlanta, Ga., and Fort Walton Beach, Fla.