In 2015, Securus Technology signed a Stock Purchase Agreement to acquire JPay. JPay is known to have introduced a series of entertainment apps, emails, and electronic payment in the correctional space. It was also operating in 33 states and was crowned the leading technology company.
According to Securus Technologies CEO Rick Smith, the acquisition would see the company integrate the fastest growing segments in the corrections. To acquire JPay, the company received a debt and funding which was approved by the State and federally regulated bodies.
How the Acquisition Benefited the Two Companies
Rick Smith recognized the contribution of JPay in the industry, calling the company an innovative force within the correctional space. He said after years of watching the company’s growth, the acquisition would help Securus Technology offer high-tech services that will see them efficiently run the modern jails and prisons.
He further added that the collaboration of Securus Technology and JPay would see the introduction of most secure products that will reduce recidivism and offered at best price. This is in line with the current market demands for more transparent and cheaper pricing models.
According to JPay CEO, Ryan Shapiro, the company has a vision of expanding and delivering high-value products to every constituent in the industry, notably the inmate, family, prison staff, and friends. The company focuses on developing groundbreaking products and implemented on a massive scale. The collaboration with Securus Technology would help JPay achieve that on a larger scale and within no time.
Ryan praised his team for the relentless pursuit of the company’s vision of developing quality products that improve the safety and efficiency of the prisons. Even after the acquisition, JPay management team was allowed to continue running the company. Securus values not only their management team but the company culture as well.