Nuvei, a Montreal-based payment technology firm and leading provider of global payment solutions, today announced that it has completed its acquisition of SafeCharge International Group Limited. The acquisition creates a global, leading payment solutions provider with significant scale, able to service clients of any size across the world. Montreal, Quebec, will become the worldwide headquarters for the combined organization.
The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei’s payment technology and creates a truly global presence. While Nuvei has traditionally operated in the US and Canada focusing on the SMB market, SafeCharge has established a solid foothold across European, Asian and Latin-American territories, servicing large scale merchants in both revenues and size.
By leveraging SafeCharge’s market-leading technology, Nuvei reinforces its global proposition and delivers fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography. Its proprietary platform offers direct connections to all major payment card schemes worldwide, supports over 150 currencies and 180 payment types.
“This marks the dawn of a new, exciting journey for Nuvei,” stated Philip Fayer, Nuvei’s Chairman and CEO. “Thanks to SafeCharge’s technology platform, we’ve enhanced our ability to deliver powerful payment solutions to our technology partners, merchants and resellers. With offices across 14 countries and unparalleled fintech expertise, we’ve transformed our combined organization into a diversified, global payments leader with massive scale and reach.”
David Avgi, CEO of SafeCharge says: “We are jointly creating an international payment giant with an unrivalled talent pool and technology stack. We are thrilled to be part of a bigger entity to further the adoption of the most innovative payments technology globally. The move will also provide our employees with more long-term career opportunities and be part of a global company, which we can all be very proud of.”
The deal has been valued at approximately US $889 million (CA $1.19 billion or £699 million at the announcement exchange rate). SafeCharge has made an application to the AIM stock exchange in London for the cancellation of the admission to trading of SafeCharge shares on AIM, expected to take effect August 2, 2019.
Source: Company Press Release
