Private equity firm GTCR, a pioneer in card payment industry investments, has owned Paya, the 20th largest U.S. merchant acquirer, since August 2017. Paya began as the payment processing unit of U.K.-based Sage Software. GTCR orchestrated a carveout of that business, paying $260 million. It then invested another nearly $30 million to update the company’s technology and product suite, as well as moving the business into the cloud. After creating Paya, GTCR subsequently spent $88 million to expand the company’s customer base with acquisitions of Stewardship Technology, First Billing Se...