ATLANTA, July 14 — Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY” or the “Company”), a leading provider of bill payment solutions, today announced that Zachary F. Sadek has been appointed to its Board of Directors, effective immediately.
Mr. Sadek is a Senior Partner at Parthenon Capital Partners, an affiliate of one of the Company’s largest stockholders, PCP Managers II L.P. (“Parthenon Capital”), a growth-oriented private equity firm that partners with management teams to develop and implement bold strategic visions to make companies leaders in their markets. He brings more than two decades of experience investing in and advising companies across the payments, financial technology, business services and software sectors.
“We are pleased to welcome Zach to the REPAY Board,” said Peter J. Kight, Chairman of the Board of Directors. “Zach brings deep experience across the payments and financial technology industries, together with significant board and investment experience. We also value the perspective he brings from Parthenon Capital, one of REPAY’s largest stockholders, as we continue to focus on executing our strategy and creating long-term value for all stockholders.”
“I appreciate the opportunity to join the REPAY Board,” said Mr. Sadek. “Parthenon Capital has been a long-term, supportive stockholder of REPAY and believes REPAY has established a strong market position and differentiated payments platform. I look forward to working collaboratively with my fellow directors and the management team to create long-term value for all stockholders.”
The appointment of Mr. Sadek expands the Board to seven directors, six of whom qualify as independent within the meaning of the independent director guidelines of NASDAQ.
Mr. Sadek is being appointed in connection with a cooperation agreement between the Company and Parthenon Capital, following constructive engagement. The full agreement will be filed as an exhibit to a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”). The agreement reflects a shared commitment to driving improved performance and creating long-term value for REPAY stockholders.