KORT Payments has entered into a definitive agreement to acquire AptPay, according to an announcement from KORT Payments. The deal stage is agreed; it has not been completed. No purchase price was disclosed in the sources.
According to the announcement, the acquisition is intended to expand KORT's capabilities in real-time payments and payment orchestration across North America. KORT said the combination of its omnichannel payments platform with AptPay's multi-rail money movement technology is a step toward delivering a more comprehensive payments solution spanning card acceptance, account-to-account payments and real-time disbursements.
KORT described the agreement as strengthening its commitment to innovation, expanding its reach in the U.S. market and creating new opportunities to serve its customers and partners. Those characterizations of rationale and expected benefit are the company's own and are attributed to its announcement.
The announcement did not include a closing date or other conditions of the agreement.