Payments specialist Flywire Corporation has acquired Sertifi, a payments and workflow digitization platform for the hospitality segment, for $330 million.
The acquisition adds the hotel category to Flywire’s existing travel payments business and is expected to add $35 to 40 million of revenue to Flywire this year.
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Sertifi, which has been in business for 20 years, offers a software-as-a-service (SaaS) platform for the hotel and hospitality industry that enables global brands including Marriott, Hilton and Hyatt and independent hotels groups to securely sign contracts, exchange payment details and complete payments with customers.
The Chicago-based company has grown in double digits recently according to a release, and it is anticipated it will grow faster than Flywire’s average growth rate.
“The acquisition of Sertifi represents an exciting next phase of growth for our Travel vertical, where our deep industry expertise and global footprint continue to be key differentiators,” said Mike Massaro, CEO of Flywire. “By expanding into a large new subsegment of the hospitality industry with strong ecosystem alignment, and gaining a software solution in the early stages of its payments monetization journey, we are unlocking new growth and innovation opportunities for Flywire."