UK-based Checkout.com has made its first acquisition by snapping up French payment company ProcessOut.

The financial details of the transaction were not disclosed.

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Launched in 2015, ProcessOut enables merchants to monitor and benchmark payment processing capabilities.

The company’s ProcessOut Smart Router selects any payment provider from several solutions to route transactions in real-time. The process reduces costs and helps in improving performance.

In the last 12 months, the ProcessOut platform assessed more than $20bn in transactions.

It works will many leading businesses such as Glovo, Dashlane, Rakuten, Veepee and OUI.sncf. The acquisition will help Checkout.com to bolster its payment routing capabilities.

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As agreed, ProcessOut’s 14-member team will also migrate to the new company joining Checkout.com’s Paris and London offices.

Checkout.com founder and CEO Guillaume Pousaz said: “Whilst we always believe in organic growth, we respect businesses who have built great tech and managed to generate momentum.

“With over $20bn worth of transactions analysed in 2019, ProcessOut fits in this category and as such we are delighted to make them our first acquisition.

“Combining their expertise and features with our platform will allow us to offer our global merchants a deeper set of actionable insights to improve their acceptance rates and maximize the cost efficiency of their payments.”

Notably, Checkout.com raised $230m in a Series A funding round in May last year. The round valued the company at nearly $2bn.

Later in September, the company received electronic money institution license from the French regulators.