Nuvei Corp. saw its first-quarter revenue rise 20 per cent compared with a year ago, but recorded a loss for the first three months of the year as it was hit by about US$20 million in costs related to its deal to buy U.S. company Paya Holdings Inc.

The Montreal-based payment technology company, which keeps its books in U.S. dollars, says its net loss amounted to US$8.3 million or seven cents per diluted share for the quarter ended March 31.

The result compared with net income of US$4.5 million or two cents per diluted share a year earlier.

Revenue for the quarter totalled US$256.5 million, up from US$214.5 million in the first three months of 2022.

On an adjusted basis, Nuvei says it earned 44 cents per diluted share in its latest quarter, down from an adjusted profit of 46 cents per diluted share in the same quarter last year.

Nuvei announced in January its deal to acquire Atlanta-based Paya for US$1.3 billion in cash.

This report by The Canadian Press was first published May 10, 2023.