The acquisition forms part of Paysafe’s previously stated investment strategy to expand its presence in North America in response to significant growth opportunities, particularly in the fast-growing SMB sector.
With more than 137,000 merchant customers as well as annual processing volumes of over $28 billion in 2017, iPayment is an established leader in the U.S. based payment processing industry.
The company operates both direct and indirect sales channels and is a well-respected provider and partner for hundreds of agents, sub-ISOs and software developers specialising in the SMB sector. iPayment employs over 450 employees across its four US offices located in Boston, Massachusetts; Westlake Village and Camarillo, California; and Minden, Nevada.
The integration of iPayment with Paysafe will bring merchants, partners, consumers and platforms more product choice via an integrated payments platform which includes point of sale (POS) solutions, order ahead purchases and payments, as well as online payment products such as Paysafe’s leading prepaid solution, paysafecard.
Joel Leonoff, Paysafe’s President and CEO, pictured, commented: “This targeted acquisition is part of our long-term investment strategy to grow our business in North America and builds on our other successful acquisitions over the past couple of years.”
“This agreement marks a very exciting day for our organisation,” noted OB Rawls IV, CEO and President, iPayment. He added: “Since joining iPayment two years ago, we have delivered strong EBITDA growth and expanded our footprint into new key verticals. This acquisition will drive significant value for our collective customers and partners.”
Source: GMB
