Global payments provider Paysafe is to take over iPayment Holdings, a US provider of payment and processing solutions for small and medium-sized businesses.
The acquisition, for an undisclosed sum, forms part of Paysafe’s previously stated strategy to expand its presence in North America in response to significant growth opportunities.
This deal follows Paysafe’s acquisition of payments provider, Merchant Choice Payment Solutions, last August as well as sponsorship of North America’s IndyCar series, designed to establish firm as a top five non-bank payment processor in the US.
iPayment is an established leader in the US payment processing industry with more than 137,000 merchant customers as well as annual processing volumes of over $28 billion in 2017.
The company employs more than 450 staff across offices 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.
Paysafe president and chief executive Joel Leonoff said: “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.
“iPayment is an excellent strategic fit with Paysafe in terms of its comprehensive product offering, customer-centric focus and overall strategic vision.
“By bringing our two organisations together, we will be able to further strengthen our wide-ranging payments processing suite and expose it to a broader audience of merchants and consumers. “We are all looking forward to the multiple opportunities this combination brings to the market.”