Global Payments to Acquire Zego, a Leading Provider of Real Estate Software and Payments Solutions
Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, announced today an agreement to acquire Zego from Vista Equity Partners. Zego provides resident experience management software and digital commerce solutions to property managers primarily in the United States. The transaction extends Global Payments’ leadership in software into the real estate vertical, a $6.5 billion target addressable market with a strong payments nexus and significant secular tailwinds.
“We are delighted to expand our software and digital commerce portfolio with the addition of Zego, a real estate technology company that modernizes the resident experience with a comprehensive property management software platform,” said Cameron Bready, Global Payments President and Chief Operating Officer. “This acquisition aligns perfectly with Global Payments’ strategy by enhancing our position at the convergence of software and payments in one of the largest and most attractive vertical markets worldwide, where digital commerce and omni-channel trends are rapidly accelerating.”
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Zego delivers its full value stack through a cloud native SaaS platform to enable seamless property management and best-in-class resident engagement and commerce experiences. The company has significant scale with over 7,000 property management customers representing more than 11 million residential units in the United States utilizing its comprehensive real estate technology platform. Zego’s solutions support property managers and residents throughout the real estate lifecycle, from leasing and onboarding to one-time and recurring payments, work orders, utility management, resident communications, renewals, and offboarding. Through its integrated payments offering, Zego facilitates approximately $30 billion in payments annually in a market with a volume opportunity that exceeds $1 trillion.
Under the terms of the acquisition agreement, Global Payments will acquire Zego in an all cash transaction valued at $925 million, inclusive of a tax asset. The effective purchase price is approximately $830 million, net of the tax asset. Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close by the end of the second quarter of 2021.