Canadian payments firm Nuvei is to buy British payments technology outfit SafeCharge for £699 million in an all-cash transaction.
SafeCharge's Payments Engine makes it easier for online businesses to manage omnichannel payments with hosted payment pages customised to merchant needs such as Checkout page, Cashier as well as Point of Sale payments.
For Nuvei, the acquisition provides access to SafeCharge's technology platform and European footprint.
For the year-end December 2018, SafeCharge reported strong financial and operational performance with processed volume growth of 45%, revenue growth of 24% and an increase of 11% in Adjusted Ebidta from 2017.
Under the terms of the deal, SafeCharge Shareholders will receive $5.55 in cash per share, a 25% premium on the business value at last close.
Editorial | what does this mean?