WePay Inc, the online-payment-service provider, hired Goldman Sachs to review options, a source said.
WePay hasn’t launched a formal process and isn’t officially up for sale, the person said. But the Palo Alto, California, company is “open to discussions with different potential partners or buyers,” the person said.
The company produces less than $100 million in revenue, the source said. News of Goldman’s hiring was previously reported by Mergermarket.
Founded in 2008, WePay is a payments provider for online platforms. The company has raised $74.15 million through six rounds of funding, according to Crunchbase. In 2015, WePay raised $40 million in a series D round. It collected another $15 million in 2014.
Investors include August Capital, Continental Advisors, Dave McClure, FTV Capital, Highland Capital Partners and Philippe Suchet.
A potential sale of WePay would be the latest in the payments sector. In July, Digital River Inc, a portfolio company of Siris Capital Group, agreed to sell its online-payment-service provider to Worldline.
Vista Equity Partners in June acquired a majority of PayLease, a property-management-payment-tool provider. Visa Inc invested in Klarna, a European online-payments company, that month.
TA Associates is also selling BluePay, which provides payment-processing services for merchants and suppliers in the U.S. and Canada.
EVO Payments International, the payments processor backed by Madison Dearborn Partners, will look to revive its dual-process plans later this year, Buyouts has reported. EVO dropped its plans for a sale and IPO last month due to concerns from potential buyers about Evo’s client base, Bloomberg reported in late June.
Executives for WePay, August Capital, Continental Advisors, and Highland could not be reached for comment. Goldman, August Capital and FTV declined comment.
Action Item: Contact WePay CEO Bill Clerico at +1 855-469-3729
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