HomeBankingCSG acquires Florida-based paytech iCG Pay in $17m deal

CSG acquires Florida-based paytech iCG Pay in $17m deal

Date:

Stripe Alumni Secure $6M for AI-Powered Wealthcare

Innovative Funding to Enhance Financial Wellness with Artificial Intelligence Highlights:...

Nordnet Disables App After Customers Logged into Wrong Accounts

Protecting User Security: A Look into Nordnet's Response to...

Affirm and FIS Collaborate to Enable BNPL for Banks via Debit Cards

Innovative Partnership Transforms Banking Experience with Buy Now, Pay...
  • Acquisition Overview:
    • CSG, a Colorado-based provider of customer engagement, revenue management, and payments solutions, acquired iCheckGateway.com (iCG Pay) for an initial $17 million.
    • The deal includes additional earn-out sums tied to performance goals.
  • Strategic Benefits:
    • The acquisition provides CSG with new independent software vendor (ISV) channel partnerships.
    • CSG gains a “proven team of payments leaders” to help expand its North American payments market footprint.
  • Integration and Offerings:
    • Once integrated, CSG expects to offer enhanced solutions for automated clearing house (ACH) and credit card processing to merchants and ISV partners.
  • Financial Impact:
    • CSG anticipates the acquisition will boost profitability in 2024.
    • iCG Pay has a history of double-digit organic revenue growth, with 2023 revenue around $9.5 million.
  • Company Comments:
    • CSG highlighted on LinkedIn that the deal scales its payments capabilities, strengthens market presence, and diversifies its business for shareholders, customers, and employees.
  • CSG Background:
    • Founded in 1994, CSG provides cloud-driven revenue management, payments, and customer engagement SaaS solutions.
    • The company serves over 900 customers in 120 countries.
  • Industry Context:
    • The deal is part of a busy month of mergers and acquisitions in the fintech sector.
Exit mobile version