(Bloomberg) -- Paya Holdings Inc., a payments technology company that went public in 2020 through a blank-check deal, is exploring a potential sale amid takeover interest, according to people familiar with the matter. 

Paya is working with an adviser to field interest, the people said, asking not to be identified because the matter is private. Large, publicly traded payments companies are circling the company as bidders, the people said. 

An agreement hasn’t been reached and talks could end without one, or the company could still decide to remain independent, the people said.

Paya rose 2.3% to close at $5.37 in New York trading Friday, giving it a market value of about $709 million. 

A representative for Paya didn’t immediately respond to a request for comment.

The payments sector has been rapidly consolidating in recent years, as large players such as Global Payments Inc. and Fiserv Inc. scooped up smaller rivals to add scale and diversify. The sector also enjoyed strong growth during the pandemic, which accelerated the shift to cashless payments. 

Paya helps insurers, utilities, nonprofits and other customers collect payments and process checks, among other services, according to its website. 

It merged with a special purpose acquisition company backed by serial dealmaker Betsy Cohen at the height of the SPAC craze. Its shares have fallen more than 50% since that deal closed. Chicago-based private equity firm GCTR is its largest shareholder, according to data compiled by Bloomberg. 

Truist Financial Corp. analyst Andrew W. Jeffrey said last month that the company trades at a discount to its peers, measured by price-to-earnings.

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