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Paysafe Closes Acquisition of UK-Based Payments Processor iPayment
Monday 11 June 2018

11 June 2018 - Payments provider Paysafe, located in the Isle of Man, has closed the acquisition of US-based payment and processing solutions provider iPayment Holdings, Inc. to strengthen its payments processing suite, the company said. 

The acquisition forms part of Paysafe's investment strategy to expand its presence in North America in response to significant growth opportunities, particularly in the fast-growing SMB sector.

This latest US-based investment builds on Paysafe's acquisition last August of SMB payments provider, Merchant Choice Payment Solutions, as well as its sponsorship of North America's IndyCar series, and will establish Paysafe as a top 5 non-bank payment processor in the US.

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 solutions, order ahead purchases and payments, as well as online payment products such as Paysafe's leading prepaid solution, paysafecard.

Paysafe is a provider of end-to-end payment solutions geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world. 

iPayment is a provider of payment processing solutions in the US with more than 137,000 SMB customers.

RBC Capital Markets, LLC is acting as lead financial adviser to Paysafe on the acquisition. Credit Suisse also provided financial advice and is leading the debt financing.

Stikeman Elliott LLP and Paul Hastings LLP are serving as Paysafe's legal counsel on the acquisition while Latham and Watkins LLP is acting as Paysafe's legal counsel on the financing. For iPayment, J.P. Morgan Securities LLC is acting as exclusive financial advisor and Gibson, Dunn and Crutcher LLP is serving as legal counsel.
Date Published: 11/06/2018
Target: iPayment Holdings
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Buyer: Paysafe
Buyer Advisor: Stikeman Elliott , Paul Hastings , Latham and Watkins
Terms of the deal were not disclosed