Wilson Sonsini advises Qualpay on strategic investment deal with Synovus

On April 21, 2022, Synovus Bank announced that it had signed an agreement to strategically invest in Qualpay, resulting in a 60% stake. Qualpay is a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions, enabling merchants and independent software vendors (ISVs) to easily integrate payments in their software or websites. Completion of the investment is subject to satisfaction or waiver of customary closing conditions, including receipt of necessary regulatory approvals. Wilson Sonsini Goodrich & Rosati represented Qualpay in the transaction.

Synovus will help grow Qualpay’s core business and leverage Qualpay’s payment technology as an integral part of Maast, the bank’s new payment-as-a-service offering to be launched later this year. Maast will combine integrated payments and integrated banking services on a single platform, accessible through a common integration layer and a single integration experience, and provide ISVs with a fast and easy way to offer payment processing, deposit accounts, debit cards and loans as features in their software, under their brand, backed by Synovus. Additionally, the investment will reinforce Qualpay’s unique offering to ISVs of an easy-to-use, flexible, configurable and personalized experience aligned with customer needs and the growing market for payment facilitators.

The Wilson Sonsini team that represented QualPay in the transaction includes Rezwan Pavri, Adam Bloom, Lang Liu, Kathy Rothman, Mike Moesel, Matt Hoffer-Hawlik and Michael Klippert.

For more information, please see the press release.

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