Paysafe Group, which is backed by Blackstone and CVC Capital Partners, has closed its acquisition of iPayment, a provider of payment and processing solutions for small and medium-sized businesses. No financial terms were disclosed.
Paysafe Group, a leading global payments provider, announces today that it has completed the acquisition of iPayment Holdings, Inc. (iPayment) which was signed on April 12, 2018.
iPayment, a U.S. based provider of payment and processing solutions for small and medium-sized businesses, generated processing volumes of over $25 billion in 2017 from more than 137,000 merchant customers across the country. Combined with Paysafe’s acquisition of MCPS last year, the acquisition establishes Paysafe as a top 5, non-bank, payment processor in the U.S.
The integration process of combining iPayment with Paysafe’s North America payment processing organization will now commence. Todd Linden, CEO of Paysafe in North America, will run the expanded organization and O.B. Rawls IV, iPayment’s former CEO, along with iPayment CFO, Robert Purcell, have both accepted new leadership roles within Paysafe.
Paysafe Group CEO, Joel Leonoff, is excited that the product suite which Paysafe will be able to deliver at scale to the marketplace will be unrivaled. The acquisition also allows Paysafe and iPayment to cross-sell more products such as POS solutions, digital wallets, pay later and prepaid solutions to a significantly expanded customer base.
Joel Leonoff commented: “This strategic acquisition is a success on many levels for Paysafe. First, it follows our strategy of building on our strengths and growing our presence in the fast-growing SMB sector operating in the vast US market. Second, it allows us to cross-sell more of our leading payment products to an expanded customer base. Third, the addition of O.B. and Robert to our team brings us further leadership bench strength; they both have strong reputations for possessing the commercial acumen and customer-centric focus that we look for in Paysafe.”