Global payments provider Paysafe Group has completed the previously announced acquisition of iPayment Holdings.
Based in the US, iPayment provides payment and processing solutions for small and medium-sized businesses.
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By GlobalDataIn 2017, the company processed more than $25bn from around 137,000 merchant customers.
With the acquisition now being completed, the process to amalgamate iPayment with Paysafe’s North America payment processing organisation will begin.
Paysafe North America CEO Todd Linden will lead the combined entity, while iPayment’s former CEO O.B. Rawls IV and iPayment CFO Robert Purcell will take up new responsibilities within Paysafe.
This combination will also enable the combined company to enhance its product portfolio and cross-sell more products including POS solutions, digital wallets, pay later and prepaid solutions to a larger customer base.
Paysafe Group CEO Joel Leonoff said: “This strategic acquisition is a success on many levels for Paysafe. First, it follows our strategy of building on our strengths and growing our presence in the fast-growing SMB sector operating in the vast US market.
“Second, it allows us to cross-sell more of our leading payment products to an expanded customer base.
“Third, the addition of O.B. and Robert to our team brings us further leadership bench strength; they both have strong reputations for possessing the commercial acumen and customer-centric focus that we look for in Paysafe.”
