Paysafe to acquire iPayment Holdings
Paysafe, a global payments provider, is acquiring iPayment Holdings Inc. ("iPayment"), a U.S.-based provider of payment and processing products for small and medium-sized businesses.
The acquisition forms part of Paysafe's previously stated investment strategy to expand its presence in North America in response to significant growth opportunities, particularly in the fast-growing SMB sector, according to a press release.
The acquisition is expected to complete in Q2 2018, pending final regulatory approvals. Until then, the two groups will continue to operate as independent organizations. Paysafe did not release terms of the deal.
Paysafe said its latest U.S.-based investment builds on its acquisition last August of SMB payments provider, Merchant Choice Payment Solutions, as well as its high-profile sponsorship of North America's IndyCar series, and will establish Paysafe as a top five non-bank payment processor in the U.S., according to the release.