Accel-KKR has taken an undisclosed stake in Paymentus Corp., a provider of electronic bill payment, presentment and customer communication technology and services. Terms of the deal were not released. The cash infusion will be used to expand the company’s platform development and distribution efforts. The Paymentus platform provides enterprise bill payment, presentment and revenue management technology through a self-service model, the company says. Pagemill Partners advised Paymentus.
Paymentus Corporation, a leading electronic bill payment, presentment and customer communication technology and services company, today announced that it has received an equity investment provided by Accel-KKR, a technology-focused private equity investment firm. The investment will be used by Paymentus to accelerate development, drive growth, and enhance the footprint of its real-time payment network.
Paymentus’ unified, SaaS platform delivers enterprise bill payment, presentment and revenue management technology through a self-service model, simplifying, automating and streamlining the bill payment process. Processing more than 75 million customer transactions annually, the company’s next-generation platform provides real-time, multi-channel payment processing, and the industry’s fastest and most simplified implementation experience. Founded in 2004 by one of the pioneers of the E-Payment/E-Presentment industry, Dushyant Sharma, Paymentus has grown successfully by delivering industry-leading payment acceptance capabilities and currently serves nearly 400 customers across North America.
Dushyant Sharma will continue to lead the business in his current role of President and CEO and will remain a significant investor in the business. In conjunction with this investment, Gary Trainor, an industry veteran, will join Paymentus as its Executive Chairman. Mr. Trainor brings to Paymentus three decades of relevant industry and management experience, including 10 years as Division President at First Data.
“We have built Paymentus into a leader in online bill payment, presentment, outbound customer communication and self-service revenue management. Our team is excited to begin this partnership with Accel-KKR, a firm with a long track record of helping build great businesses. This partnership further solidifies our position and enables us to capitalize on the tremendous market potential,” said Dushyant Sharma. “At the same time I am looking forward to working with Gary Trainor, given his industry experience and track record of payment innovation.”
“I am excited about joining Paymentus given the company’s ability to accept all payment types through all payment channels, and its proven ability to deliver technology that simplifies the entire revenue management relationship between B2C billers and their clients,” said Gary Trainor.
Jason Klein, Managing Director of Accel-KKR, added, “Paymentus is a strong fit for Accel-KKR: it offers advanced payment technology, and a complete revenue management solution that billers have been challenged to access at an affordable price point. The company’s truly unified technology solution provides billers unmatched flexibility, payment visibility and cost of deployment. We are pleased to partner with the team to further the company’s leadership position.”
Pagemill Partners advised Paymentus in connection with this transaction.
Accel-KKR is a technology-focused private equity firm with over $1 billion in assets under management. The firm invests primarily in software and IT-enabled businesses well positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through the significant resources available through Accel-KKR and its network. Accel-KKR has a particular focus on buyouts and recapitalizations of family-owned or closely-held private companies, going-private transactions and divisional buyouts of larger companies.
Paymentus is the leader in Electronic Bill Presentment and Payment, Enterprise Customer Communication and Self Service and Revenue Management services. The Paymentus Next Generation, Real-Time Bill Payment Network continues to re-define the bill payment industry by providing strategic and innovative solutions. Our industry expertise enables us to provide leading edge solutions that simplify, automate and streamline bill payment processes. Paymentus serves nearly 400 customers in 43 states and 8 provinces. Our platform is capable of supporting a broad spectrum of industry segments including: Utilities, Municipalities, Counties and Governmental Agencies, Insurance, Healthcare, Financial Services, Property Management and other Commercial Enterprises.