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PAYA REVS UP 12.4 PERCENT Featured

 Payments company Paya this month reported net income of slightly more than $1 million for the first quarter ended March 31, compared to a loss of $675,000 a year earlier. The company posted the profit as sales reached $30.2 million in the most recently ended quarter, up from $49.1 million a. year earlier.

It also bolstered its financial position with the sale of 20 million shares of common stock at $12.25 per share, which resulted in proceeds to the company of $122.5 million. The largest chunk of revenue comes from transaction-related income, which totaled $30.2 million in the first quarter, an increase of 13.6 million from $26.6 million in last year’s corresponding period. Paya went public last year in October when it was acquired via a special purpose company, FinTech Acquisition Corp. III. The recent issuance of shares was Paya’s first public offering of stock Paya, which was built on the former Sage Payments, expanded its Sage offerings during the quarter. These include new customer portals and e-invoicing for Sage 100 users. It also introduced EMV capabilities and device support via Paya’s Cloud EMV application for Sage Intacct. 

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