CSG acquires Florida-based paytech iCG Pay in $17m deal
CSG, a provider of customer engagement, revenue management, and payments solutions based in Colorado, US, has acquired iCheckGateway.com (iCG Pay), an integrated payment processing technology vendor headquartered in Fort Myers, Florida, in a deal totalling an initial $17 million.
CSG agrees $17m deal for iCG Pay
CSG says that the purchase, which includes additional earn-out sums tied to performance goals, will provide the company with new independent software vendor (ISV) channel partnerships and a “proven team of payments leaders” to help it expand its footprint in the North American payments market.
Once the two platforms are fully integrated, CSG anticipates it will be able to offer merchants and ISV partners enhanced solutions for automated clearing house (ACH) and credit card processing.
In addition, CSG expects the acquisition to boost its profitability in 2024. The company highlights that iCG Pay has “historically delivered double-digit organic revenue growth”, with total revenue in 2023 amounting to around $9.5 million.
Commenting on the acquisition via a post on LinkedIn, the company states that “through this deal, we’re scaling our payments capabilities, strengthening our presence in these markets, and diversifying our business to add value for our shareholders, customers, and employees”.
Founded in 1994, CSG specialises in offering businesses a variety of cloud-driven revenue management, payments, and customer engagement Software-as-a-Service (SaaS) solutions. The company claims to serve over 900 customers across 120 countries.
This deal between CSG and iCG Pay follows a busy month of mergers and acquisitions in the fintech sector. For further details on some of the most notable deals during May, check out our article here.
