Repay Holdings Corporation reaffirmed its commitment to acquire KUBRA, a bill‑payment and customer‑communication platform, in a statement issued on April 13 2026. The reaffirmation follows a letter from shareholder group Veradace Partners, which urged the board to abandon the deal and add board representation. Repay’s board responded that the transaction remains aligned with its growth strategy and capital allocation discipline.
The definitive purchase agreement, announced on March 30 2026, values the deal at approximately $372 million and is supported by committed debt financing. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and customary closing conditions. The combined company will process more than $130 billion in annual payment volumes and generate roughly $548 million in revenue and $178 million in adjusted EBITDA in 2025, according to Repay’s projections.
Repay’s Q4 2025 results, released in March 2026, showed revenue of $78.6 million, a 10 % year‑over‑year increase on a normalized basis, but flat compared with the prior year’s quarter. Adjusted EBITDA margins fell to 41 % from 47 % the year before, largely due to investments in growth initiatives and pricing‑mix changes. A $138.9 million goodwill impairment was recorded in the Consumer Payments segment, contributing to the margin compression.
Management highlighted that the KUBRA acquisition will create cross‑selling opportunities and deepen client experiences. CEO John Morris said the combination “advances REPAY on its transformational journey to become a leading bill‑payment provider.” The deal is expected to deliver $15 million in annual run‑rate cost synergies and $5 million in technology savings within three years, and to be free‑cash‑flow accretive by 25 % in 2028.
Shareholder activism remains a key headwind. Veradace Partners, holding 8.4 % of Repay’s Class A shares, has publicly urged the board to abandon the acquisition and add shareholder representatives. The company’s board acknowledged the input but maintained that the transaction’s strategic fit and financial upside outweigh the concerns. Market reaction has been tempered by the activist pushback, the Q4 2025 EPS miss of $0.02 versus consensus $0.21, and the broader 36 % decline in the stock over the past six months.
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