Payapps is boosting its position in the UK and Ireland payment technology market with the acquisition of WebContractor Holdings Limited.
Both companies are leading figures in the delivery of payment solutions for the construction sector, with software firm WebContractor specialising in subcontractor applications for payment.
The acquisition of the WebContractor business is a “pivotal move” and a “significant milestone” for Payapps, the company says, as it both enhances its product offerings, but also broadens its client base.
It also serves to solidify Payapps’ reputation as a leading supplier of construction payment management solutions in the UK and Ireland’s construction technology landscape.
Geoff Tarrant, Payapps’ executive chairman, said: “The WebContractor platform and highly complementary team will strengthen our offering to further meet the needs of the UK and Irish markets.”
Payapps, which was founded in 2014, currently processes applications for payment worth over £40bn per annum globally. This acquisition is said to represent a strategic synergy between two key industry players, and affords Payapps the ability to provide even greater value to its customers.
By combining the strengths of existing technologies, optimising business processes, leveraging distribution channels, and integrating the exceptional talents of their respective teams, this acquisition is set – the company claims – to revolutionise the field of construction payment processing technology.
Dan Nichols, chief executive of WebContractor, said: “I am excited about the opportunity for WebContractor and our contribution to the evolution of Payapps in the UK and Ireland.”
WebContractor is to continue to operate under its current brand identity in the “immediate term”. Payapps says its priority is ensuring a seamless transition to business operations and “exceeding the needs” of its customers.
The acquisition aligns with Payapps’ mission to support the construction industry through the standardisation and streamlining of payments, and is also seen as a testament to the strategic importance of the UK and Ireland region in shaping the future of construction technology.
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.