ATLANTA — March 30, 2026
Executive Summary
Repay Holdings Corporation (“REPAY”) has announced a definitive agreement to acquire Kubra Data Transfer LTD. (“KUBRA”) for approximately $372 million, marking a significant step in the company’s ongoing expansion within the bill payment ecosystem. The transaction, expected to close in the second quarter of 2026, will be financed through a combination of cash on hand and debt financing.
The acquisition brings together REPAY’s payment processing platform with KUBRA’s customer communication and bill payment capabilities, creating a combined entity with substantial scale across multiple verticals and over $130 billion in annual payment volumes. The transaction is positioned to support REPAY’s continued growth, enhance product offerings, and expand its presence across key markets including utilities, government, and insurance.
Announcement Overview
REPAY has entered into a definitive agreement to acquire KUBRA, a provider of bill payment and customer communication management solutions serving major utility and government entities across North America. The acquisition represents a strategic combination of two complementary businesses, integrating REPAY’s payment processing capabilities with KUBRA’s embedded technology platform.
KUBRA currently serves over 250 clients and reaches more than 40% of households in the United States and Canada, offering a recurring revenue model supported by deeply integrated solutions across enterprise resource planning (ERP) systems. Through this transaction, REPAY aims to enhance its ability to deliver integrated payment and communication services across a broader set of verticals.
The combined organization is expected to benefit from expanded scale, enhanced distribution capabilities, and increased operational alignment, enabling more efficient delivery of services and broader market reach.
Key Announcement Details
Transaction Structure and Core Terms
- Announcement Type: Acquisition Agreement
- Acquiring Entity: Repay Holdings Corporation
- Target Entity: KUBRA (Kubra Data Transfer LTD.)
- Transaction Value: Approximately $372 million
- Transaction Form: All-cash acquisition
- Purchase Price Adjustment: Subject to customary purchase price adjustments
- Financing Composition: Combination of cash on hand and debt financing
- Strategic Outcome: Creation of a scaled consumer bill payment provider
- Transaction Classification: Definitive agreement executed
- Announcement Positioning: Combination creates a scaled consumer bill payment provider
Financing Commitments and Capital Structure
- Debt Commitment Provider: Truist Bank
- Term Loan Commitment: $500 million
- Revolving Credit Facility: $100 million undrawn facility
- Financing Purpose: Support acquisition completion and integration
- Post-Transaction Net Leverage: Approximately 4.0x
- Target Net Leverage Reduction Timeline: Within 18 months
- Target Net Leverage Level: Below 3.0x
- Leverage Basis: Includes transaction-related adjustments and synergies
Combined Financial Profile and Scale Metrics
- Combined 2025 Revenue: Approximately $548 million
- Combined 2025 Adjusted EBITDA: Approximately $178 million
- KUBRA Standalone Revenue Contribution (2025 Basis): Approximately $239 million
- KUBRA Standalone Adjusted EBITDA (2025 Basis): Approximately $49 million
- Combined Annual Payment Volume: Over $130 billion
- Combined Scale Characterization: Significant scale across diverse growth markets
KUBRA Platform, Operations, and Market Reach
- Business Model: Highly recurring revenue model
- Client Base: Over 250 clients
- Household Reach: Over 40% of households in the United States and Canada
- Platform Architecture: Embedded technology platform
- Core Solution Count: Six core solutions
- ERP Integration: Deep integration with ERP providers across core verticals
- Customer Type: Large utility, government, and enterprise entities
Platform Capabilities
- Billing and payments functionality
- Alerts and preference management systems
- Artificial intelligence-driven solutions
- Mobile application interfaces
- Utility mapping solutions
- Customer communication management solutions
Vertical Expansion and Market Coverage
- New Verticals Added: Utilities, government, insurance
- Total Vertical Coverage Post-Transaction: 18+ dynamic verticals
- Market Type: Large-scale enterprise and public sector billing environments
- Customer Segments: Utility providers, government entities, insurance organizations
- Geographic Coverage: United States and Canada
Strategic Combination and Operational Alignment
- Combination Type: Integration of payment processing and customer communication management platforms
- Core Integration Objective: Combine REPAY’s payment expertise with KUBRA’s vertical solutions
- Go-to-Market Integration: Complementary go-to-market approaches
- Sales Integration: Leveraging combined sales teams across expanded verticals
- Distribution Channels: Expanded through combined capabilities
- Client Experience Objective: Deepened client experience through integrated solutions
- Operational Efficiency Objective: Enhanced operational and financial efficiencies
- Platform Integration Scope: Payment engine, billing, communications, and core processing solutions
- Growth Objective: Support continued growth and expansion into new markets
- Product Expansion Objective: Broaden product offerings over time
- Customer Reach Objective: Expand customer reach across combined client base
Synergies, Cost Efficiencies, and Value Creation
Cost Synergies
- Annual Run-Rate Cost Synergies: Approximately $15+ million
- Drivers of Cost Synergies:
- Combining operations
- Platform consolidation
- Scale efficiencies
Technology Savings
- Technology Cost Savings: Approximately $5+ million
- Time Horizon: Over the next three years
Revenue Synergies
- Expected Revenue Opportunities: Approximately $5+ million by 2028
- Revenue Drivers:
- Bill presentment services
- Communication services
- Payment engine capabilities
- Core processing solutions across all clients
Cash Flow Impact
- Free Cash Flow Accretion: Expected 25% by 2028
Transaction Timing and Regulatory Conditions
- Regulatory Jurisdictions: United States and Canada
- Approval Requirement: Subject to regulatory approvals
- Closing Conditions: Subject to customary closing conditions
- Expected Closing Timeline: Second quarter of 2026
- Closing Dependency: Completion of regulatory approvals and financing conditions
Advisors and Transaction Participants
Advisors to REPAY
- Financial Advisor: Truist Securities, Inc.
- Financing Provider: Truist Bank
- Legal Advisor: Troutman Pepper Locke LLP
Advisors to KUBRA
- Financial Advisor: Financial Technology Partners
- Legal Advisors:
- Clifford Chance US LLP
- Hearst Office of General Counsel
- Parent Entity Legal Involvement: Hearst Corporation
Conference Call and Investor Communication Details
- Conference Call Purpose: Discussion of acquisition
- Conference Call Date: March 31, 2026
- Conference Call Time: 8:00 AM ET
Access Details
- Webcast Location: REPAY investor relations website
- U.S. Dial-In Number: (877) 407-3982
- International Dial-In Number: (201) 493-6780
Replay Details
- Replay Availability Timing: One hour after call
- Replay U.S. Number: (844) 512-2921
- Replay International Number: (412) 317-6671
- Conference ID: 13759307
- Replay Access Platform: REPAY investor relations website
Non-GAAP Financial Measures and Definitions
- Non-GAAP Measures Referenced:
- Adjusted EBITDA
- Free Cash Flow accretion
- Net leverage
Definitions
- Free Cash Flow: Net cash flow from operating activities less total capital expenditures
- Net Leverage: Total debt (less cash and cash equivalents) divided by Adjusted EBITDA
- Adjusted EBITDA: Net income prior to interest, tax, depreciation, amortization, adjusted for non-recurring and non-cash charges
Adjustment Components in Adjusted EBITDA
- Interest expense
- Tax expense
- Depreciation and amortization
- Gain on extinguishment of debt
- Non-cash impairment loss
- Non-cash change in fair value of assets and liabilities
- Share-based compensation charges
- Transaction expenses
- Restructuring costs
- Strategic initiative costs
- Other non-recurring charges
Limitations and Disclosures
- Not calculated in accordance with GAAP
- Subject to management judgment
- May differ from similarly titled measures used by other companies
- Should not be considered substitutes for GAAP measures
- Forward-looking non-GAAP measures are not reconciled due to uncertainty
- Use alongside GAAP financial measures for evaluation
Forward-Looking Statements and Risk Factors
- Regulatory Framework: Private Securities Litigation Reform Act of 1995
Scope of Forward-Looking Statements
- Future financial and operating results
- Plans, objectives, expectations, and intentions
- Product and service developments
- Acquisition benefits and timing
- Growth, market, and synergy opportunities
- Payment volume expectations
- Net leverage projections
- Free Cash Flow estimates
- KUBRA growth and financial contribution expectations
Identifying Terms Used
- can
- may
- will
- expect
- anticipate
- estimate
- believe
- projection
Key Risk Factors
- Failure to complete transaction
- Delay in transaction completion
- Integration risks and inability to realize synergies
- Termination triggers within acquisition agreement
- Failure to satisfy closing conditions
- Regulatory approval delays or denials
- Financing availability risks
- Financing delays or unfavorable terms
- Disruption to customer, employee, or partner relationships
- Changes in bill payment and payment processing markets
- Competitive landscape shifts
- Technology evolution risks
- Regulatory environment changes
- Risks within targeted vertical markets
- Payment ecosystem relationship risks
- Data security risks
Additional Disclosures
- Statements based on current beliefs and expectations
- Subject to business, economic, and competitive uncertainties
- No assurance of future performance accuracy
- No obligation to update forward-looking statements except as required by law
- Industry forecasts based on sources believed reliable but not guaranteed
- Combined, projected, and estimated numbers are illustrative and not forecasts
Company and Platform Details
REPAY Core Capabilities
- Integrated payment processing solutions
- Proprietary payment technology platform
- Reduction of electronic payment complexity
- Enhanced consumer and business payment experience
- Focus on vertical-specific transaction processing needs
KUBRA Corporate Details
- Founded: 1992
- Headquarters: Mississauga, Ontario
- Industry Position: Customer experience management solutions provider
- Core Offering: Billing, payments, communication, and customer engagement solutions
- Service Coverage: Utilities, government, and insurance sectors
Footnotes and Financial Clarifications
- Combined 2025 Financial Metrics Basis: Includes reported REPAY figures plus KUBRA revenue (~$239 million) and Adjusted EBITDA (~$49 million)
- Adjusted EBITDA Classification: Non-GAAP financial measure
- Free Cash Flow Accretion Classification: Non-GAAP financial measure
- Net Leverage Calculation Basis: Includes transaction-related adjustments and synergies
- Reference Requirement: See Non-GAAP Financial Measures section for definitions and limitations
Strategic Combination and Business Integration
Complementary Capabilities Across Payments and Communications
The transaction combines REPAY’s integrated payment processing solutions with KUBRA’s customer communication and bill payment platform, forming a unified offering across multiple industries. REPAY’s platform focuses on reducing complexity in electronic payments, while KUBRA provides embedded solutions that support billing, communication, and customer engagement.
Expansion Across Multiple Verticals
Through the acquisition, REPAY will extend its reach into utilities, government, and insurance verticals, complementing its existing footprint. The combined organization will operate across 18+ verticals, supported by a broad distribution network and established go-to-market strategies.
Integrated Technology and Platform Synergies
KUBRA’s platform includes six core solutions spanning billing, payments, alerts, preference management, artificial intelligence capabilities, mobile applications, and utility mapping. These capabilities will be integrated with REPAY’s payment infrastructure to deliver a more comprehensive solution set to clients.
Compelling Strategic Rationale and Value Creation Opportunities
Vertical Expansion
- Addition of utilities, government, and insurance verticals
- Enhanced cross-selling opportunities across existing and new markets
- Broader distribution channels leveraging combined expertise
Creation of Significant Scale
- Combined 2025 Revenue: Approximately $548 million
- Combined Adjusted EBITDA: Approximately $178 million
- Expanded operational footprint across multiple high-growth markets
Operational and Financial Synergies
- Annual run-rate cost synergies: Approximately $15+ million
- Technology savings: Approximately $5+ million over three years
- Efficiencies driven by:
- Platform consolidation
- Combined operations
- Scaled infrastructure
Revenue Growth Opportunities
- Expected incremental revenue opportunities of approximately $5+ million by 2028
- Expanded capabilities including:
- Bill presentment
- Communication services
- Payment processing engine
- Core processing solutions
Accretive Financial Profile
- Expected Free Cash Flow accretion of approximately 25% by 2028
- Enhanced financial performance driven by:
- Operational efficiencies
- Revenue synergies
- Scaled infrastructure
Leadership Commentary
John Morris, Co-Founder and Chief Executive Officer of REPAY, stated:
“Today’s announcement advances REPAY on our transformational journey to become a leading bill payment provider. The combination brings together highly complementary go-to-market approaches, creating robust opportunities to enhance growth, while also deepening client experiences and driving operational and financial efficiencies.”
Rick Watkin, President and Chief Executive Officer of KUBRA, added:
“We are excited to enter KUBRA’s next phase by joining REPAY and creating a scaled payments platform. REPAY will enhance value for our clients, while helping to further pursue growth opportunities in our end markets. I am thrilled about the opportunities this transaction provides for KUBRA and our team.”
Transaction Details and Financing Structure
Transaction Structure
- All-cash acquisition valued at approximately $372 million
- Subject to customary purchase price adjustments
Financing Arrangements
- Funded through:
- Cash on hand
- Debt financing commitments
- REPAY has secured:
- $500 million term loan commitment from Truist Bank
- $100 million undrawn revolving credit facility
Leverage and Capital Structure
- Expected net leverage of approximately 4.0x at closing
- Target reduction to below 3.0x within 18 months
Timing and Regulatory Approvals
The transaction is subject to:
- Regulatory approvals in the United States and Canada
- Customary closing conditions
REPAY expects the transaction to close in the second quarter of 2026.
Advisors Involved in the Transaction
Advisors to REPAY
- Financial Advisor: Truist Securities, Inc.
- Financing Provider: Truist Bank
- Legal Advisor: Troutman Pepper Locke LLP
Advisors to KUBRA
- Financial Advisor: Financial Technology Partners
- Legal Advisors:
- Clifford Chance US LLP
- Hearst Office of General Counsel
Conference Call Details
REPAY will host a conference call on March 31, 2026 at 8:00 AM ET to discuss the acquisition.
Access Information
- Webcast: Available via REPAY’s investor relations website
- U.S. Dial-in: (877) 407-3982
- International Dial-in: (201) 493-6780
Replay Information
- Replay Access Numbers:
- (844) 512-2921
- (412) 317-6671 (International)
- Conference ID: 13759307
- Replay available one hour after the call
Non-GAAP Financial Measures
This announcement includes references to non-GAAP financial measures, including:
- Adjusted EBITDA
- Free Cash Flow accretion
- Net leverage
Definitions
- Adjusted EBITDA: Net income before interest, taxes, depreciation, amortization, and certain adjustments such as non-recurring charges and non-cash items
- Free Cash Flow: Net cash from operations minus capital expenditures
- Net Leverage: Total debt (less cash and equivalents) divided by Adjusted EBITDA
Important Considerations
- These measures are not calculated in accordance with GAAP
- They are used by management to:
- Evaluate operating performance
- Support strategic decision-making
- They may not be directly comparable with similar metrics used by other companies
- They should be considered alongside GAAP financial measures
REPAY does not provide forward-looking reconciliations due to inherent uncertainties and variability in future components.
Forward-Looking Statements
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Scope of Forward-Looking Statements
These statements include expectations regarding:
- Completion timing of the acquisition
- Anticipated benefits and synergies
- Future financial performance
- Growth opportunities and market expansion
- Payment volumes and financial metrics
Risk Factors and Uncertainties
Actual results may differ due to factors including:
- Inability to complete the transaction
- Delays in regulatory approvals
- Integration challenges
- Failure to realize expected synergies
- Changes in market conditions or competitive landscape
- Regulatory changes affecting vertical markets
- Disruptions to customer or partner relationships
- Data security risks and technological challenges
Additional risks are detailed in REPAY’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025.
Important Notes
- Forward-looking statements are based on current expectations
- They are subject to significant uncertainties
- REPAY does not undertake obligations to update these statements except as required by law
Footnotes and Financial Clarifications
- Combined 2025 Financial Metrics: Based on reported REPAY plus KUBRA revenue of approximately $239 million and Adjusted EBITDA of approximately $49 million
- Free Cash Flow Accretion: Defined as a non-GAAP measure
- Net Leverage: Includes transaction-related adjustments and synergies
About Repay Holdings Corporation
Repay Holdings Corporation is a provider of integrated payment processing solutions designed for vertical markets with specialized transaction needs. The company’s proprietary technology platform aims to reduce complexity in electronic payments while enhancing experiences for both businesses and consumers.
REPAY operates across multiple verticals, offering scalable payment solutions that support diverse transaction environments and customer requirements.
About KUBRA
Kubra Data Transfer LTD., founded in 1992 and headquartered in Mississauga, Ontario, is a provider of customer experience management solutions focused on billing, payments, and communication services.
Core Capabilities Include
- Billing and payment solutions
- Alerts and preference management systems
- Artificial intelligence-driven tools
- Mobile application platforms
- Utility mapping solutions
KUBRA serves over 250 clients and reaches more than 40% of households in North America, delivering integrated solutions across utilities, government, and insurance sectors.
Media Contact
For additional information, visit repay.com.
Source Attribution
Source: Company announcement
