GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, today announced it has entered into a definitive agreement to acquire Poynt.
Under the terms of the agreement, GoDaddy will pay $320 million in cash at closing and $45 million in deferred cash payments subject to certain performance and employment conditions over three years. The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of regulatory approvals and other customary closing conditions.
"Commerce is critical to our customers and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell everywhere," said GoDaddy CEO Aman Bhutani. "Poynt accelerates our strategy to provide a complete suite of commerce and payment services to address this critical customer need and focus on a large addressable market opportunity. We've built leading e-commerce capabilities that today allow small businesses to easily sell on their sites, across major marketplaces and the most popular social networks, and now we will help make them successful everywhere."
Connecting Online and In-Person Commerce
The rapid convergence of online and in-person consumer shopping is accelerating the need for small businesses to provide connected commerce experiences across all channels for their customers. Integrating Poynt with GoDaddy's Websites + Marketing and WordPress commerce services will enable small businesses to boost sales and customer satisfaction by seamlessly bridging both online and offline shopping experiences.
With global distribution via reseller partnerships, Poynt is used by more than 100,000 merchants with over $16 billion in annual Gross Merchandise Volume (GMV). Poynt offers a complete suite of products needed for small businesses to sell and accept payments anywhere - spanning point-of-sale (POS) systems, payments, invoicing, loyalty and rewards programs, and transaction management.
"Poynt has spent the past seven years building the most advanced connected commerce platform on the market," said Poynt CEO Osama Bedier. "Our team is super excited to join forces and help millions of GoDaddy entrepreneurs sell everywhere, in the most seamless experience possible, at a time they couldn't need it more."
Poynt's range of patented Android-based smart POS terminals, and PoyntOS powered third-party terminals, deliver advanced in-person capabilities that drive merchant and consumer engagement. Poynt also provides mobile app and web/desktop software for POS, invoicing and virtual terminals. Additionally, Poynt offers a range of payment processing models for small businesses, including integration with 16 different payment processors, featuring the top five US banks, and offers Poynt Payments in the US built in partnership with Elavon/US Bank.
Post close, Poynt CEO Osama Bedier will join the GoDaddy leadership team reporting to GoDaddy CEO Aman Bhutani and lead a new Commerce Division dedicated to creating the most intuitive and seamless commerce experiences for small businesses.