CHICAGO, Nov. 15, 2018 /PRNewswire/ -- GTCR, a leading private equity firm, is pleased to announce the appointment of Jeffrey Hack as Chief Executive Officer and member of the Board of Directors of Paya (formerly known as Sage Payment Solutions). Most recently, Mr. Hack was an Executive Vice President and Management Committee Member at First Data Corporation ("First Data"), a global provider of payments technology and the largest US merchant processor. Mr. Hack was an integral part of the leadership team that transformed First Data, leading to a successful IPO. During his tenure, he held various leadership roles at the firm, including serving as COO of Global Business Solutions, First Data's largest division. At First Data, Mr. Hack led the commercialization of integrated payments and software solutions to SMB clients, resulting in increased sales and retention.
Mr. Hack has spent his entire career within the financial services industry, holding senior positions at Morgan Stanley Smith Barney, JP Morgan Chase & Company, and McKinsey. He holds a bachelor's degree in Economics from The Wharton School at the University of Pennsylvania and an MBA from Harvard Business School.
Since GTCR's acquisition of Paya in August 2017, Paya has invested to significantly enhance its technology and offerings. Key accomplishments include launching a next-generation payments gateway, increasing the breadth and depth of its software offerings and releasing new vertically-focused solutions to allow payments integration into customers' day to day workflow. Also, in support of its strategy to invest in vertically-focused integrated payments, on November 1, 2018, Paya acquired Stewardship Technology. Stewardship is a leading payments facilitator empowering nonprofits, faith-based organizations and educational institutions. To advance Paya's growth efforts, GTCR has committed up to $350 million of equity capital to the platform. The company is actively pursuing other acquisition opportunities that further enhance its capabilities, scale and differentiation.
"I am looking forward to working with GTCR and the talented team at Paya," said Jeff Hack. "Paya offers a market leading payments solution with world-class support to our partners and end customers. We have made great strides as a focused, independent company and will continue to enhance our integrated solutions through investments in innovation. GTCR's growth orientation and deep industry experience in payments make them an ideal partner."
"Jeff's demonstrated track record and highly complementary experience make him the ideal CEO of Paya," said Aaron Cohen, Managing Director at GTCR. Cohen continued: "Partnering with Jeff gives us the opportunity to accelerate our growth through investments in software and vertical-specific solutions as well as continue our M&A efforts."
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com.
Paya, Inc. provides innovative payment solutions for businesses. The company is rapidly advancing its platform and diverse set of technologies to enable flexible, easy to implement payment solutions that transform and grow businesses across industries. More than 2,000 partners trust Paya's technology and experience to deliver value and growth for 100,000 customers. Paya is a GTCR backed company headquartered in Reston, VA, with offices in Atlanta, GA, and Fort Walton Beach, FL. For more information, visit www.paya.com.