Globally-operating payment services provider Paysafe has announced a new addition to its portfolio. The company proceeded to acquire iPayment Holdings, which is a US-based provider of payment and processing solutions for small and medium-sized businesses (SMB).
The deal is paving the way for Paysafe to expand its presence in North America in line with its commitment. The company has previously highlighted its interest in the SMB payments space.
Buying iPayment is building upon the acquisition of Merchant Choice Payment Solutions, a deal that was announced last August. Following today’s announcement, the firm will become the fifth largest payment service provider in the US.
iPayment has over 137,000 merchant customers with its annual payments turnover amounting to $28 billion last year. The firm has both direct and indirect sales channels and is a well-respected provider and partner for hundreds of agents, sub-ISOs and software developers specializing in the SMB sector.
With over 450 employees across the US, located in Boston, Massachusetts; Westlake Village and Camarillo, California; and Minden, Nevada, the merger deal can enable clients to get access to more product choices.
Joel Leonoff, Paysafe’s President and CEO, commented: “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 organizations 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,” Leonoff elaborated.