Two of the leaders in the online bill payment sector merged yesterday. Paytrust, Lawrenceville, NJ, said it bought PayMyBills.com in an all-stock transaction.
PayMyBills, Pasadena, CA, will become a wholly owned subsidiary of Paytrust. John Tedesco, co-founder and CEO of PayMyBills, will become chief strategy officer. Jeff Grass, the company’s other co-founder, will continue to work on business development.
The two companies’ technology divisions will be merged in an effort to hasten the implementation of technology innovations.
Pending regulatory approval, the merger will begin in a month, the companies said.
