Repay reported revenue of $48.4 million, a 32.6-percent increase from $36.5 million in last year’s corresponding period. Repay acquired cPayPlus in July 2020; CPS in November and, Kontrol Payables and BillingTree in June. CEO John Morris noted that BillingTree produced about $2.4 million in revenue in the 16 days Repay owned it during the quarter. The company more than spent the increased revenue as its reported $60.7 million in operating expenses for the most recently ended period, up 40.6 percent from $43.2 million. Still, the company slashed its loss to $12.3 million from $79.3 million in red ink a year earlier. Morris said Repay benefits from the fact businesses like the fact the company hands both AR and AP and like having a one-stop shop for payments. And with recent move by Repay in “B2B merchant acquiring and then B2B AP automation, where, for example, within Sage or Acumatica, we now can provide both services to a single customer,” Morris said.The company has also created a new position, VP of B2B strategy and business development and has hired Phillip Tau to fill the job, Tau ran a business, Fintech Consulting from March 2020 through June and was head of business development and strategy for Divvy, now owned by Bill.com, from December 2018 through March 2020.
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REPAY BENEFITS FROM M&A Featured
Four acquired companies chipped in $6 million in revenue for payments company Repay Holdings for the second quarter ended June 30.