Rev19, an integrated payment solutions provider based in Southlake, Texas, announced Monday, Dec 16, it has acquired the cloud-based software platform PAYK12.

In a press release, the firm dubbed the latest transaction as a reinforcement of “Rev19’s strategic commitment to increase vertical market penetration through integrated payment solutions.” As the Southlake-based firm aims to transform the payments industry into “a transparent, service-centric space,” the partnership is expected to provide a cutting-edge technology that will enable different institutions to operate more efficiently.

“With PAYK12, we seek to streamline education payments by integrating their platform into our existing, proprietary tech stack. The goal is to place industry-leading fintech in the hands of educators and students so they can rapidly boost learning outcomes in the classroom,” said Rev19 CEO Corey Young in a statement.

Rev19 Acquires PAYK12

Launched in 2004, PAYK12 is a cloud-based software platform that helps schools reduce fraud, risk, and burdens associated with collecting and managing school finances by offering broad integration services and comprehensive reporting. Powered by Ticketracker, the platform supports single sign-on integration with existing school management systems. Moreover, it also features dashboard reports that display district-wide, real-time sales data and trends, provides an online payment portal, and offers cloud-based reporting.

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“This partnership could not be a better fit for what PAYK12 is trying to do in the education space by servicing school districts across the country with one of the best online and mobile payment solutions on the market,” commented Chad Buntin, President, and COO of PAYK12.

As cited by the release, the latest transaction is expected to allow both companies “to blur the lines between fintech and edtech, with planned integrations with digital, e-learning platforms pending in 2020.”

The terms of the deal were not disclosed.

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