Securus Technologies signs stock purchase deal to acquire JPay
Securus Technologies, a provider of biometric analysis, investigative and monitoring tools for corrections and law enforcement announced it has signed a definitive stock purchase agreement to acquire JPay Inc., a leading provider of inmate payments, email, and tablet products.
The announcement comes almost a year after Securus Technologies announced it would acquire voice biometrics company JLG Technologies.
Currently operating in more than 33 state prison systems, JPay introduced electronic payments, email, and several other entertainment and educational related apps to the corrections space.
“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 now can offer virtually anything that is high tech/software-based that correction agencies need to operate a modern prison or jail. 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.”
“We are always eager to expand our footprint,” said JPay CEO Ryan Shapiro. “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.”
Securus will continue to run JPay as a wholly owned subsidiary of the company, allowing JPay to operate in the same manner, albeit with “significant advantages from Securus’ deep relationships and vast resources,” said Shapiro.
The acquisition is subject to customary closing conditions including required regulatory approval and is expected to close in the second or third quarter.