Securus Technologies To Acquire JPay Inc
- M&A Deals
- 03.08.2015 01:00 am
Securus Technologies announced today that it has signed a definitive Stock Purchase Agreement to acquire JPay Inc. JPay is the market leading technology company that introduced electronic payments, email and a host of entertainment and educational related apps to the corrections space, and currently operates in over 33 state prison systems.
"This transaction thrusts Securus into the fastest growing segments in corrections; payments, email and most recently, inmate tablets," said Rick Smith, CEO of Securus Technologies. "We announced the transaction on April 14, 2015, and since that time we secured the debt and equity funding and necessary approvals from the State and Federal regulatory bodies and closed our transaction yesterday. We now can offer virtually anything that is high tech/software based that correctional agencies need to operate a modern prison or jail effectively. We have admired JPay as an innovative force in our industry for years, and have watched their continued success. It was an opportune time to combine our products and teams," said Smith. "If you want the best products, at the best price, and want a product set that provides the best security while ultimately reducing recidivism – there is now a clear choice that includes Securus and JPay."
"We are always eager to expand our footprint," said Ryan Shapiro, JPay's CEO. "Our products deliver tremendous value to every constituent; the prison staff, family and friends and of course, the inmate. Our focus is to develop groundbreaking products then gain adoption on a massive scale. With Securus behind us, we can now make that happen in a fraction of the time."
"I credit our team for their relentless pursuit of the company's vision which is to develop products that make prisons safer, more efficient, and most importantly that enable inmates to transition into good citizens once released," says Shapiro. "Securus values our management team and company culture – so we will all stay in place long term to see our vision through - that was very important to me and to Securus." In that regard, Mr. Smith will continue to run JPay as a wholly owned subsidiary of Securus, allowing JPay to continue operating as it does today, but with significant advantages from Securus' deep relationships and human, product and financial resources.