PayPal bags iZettle in $2.2bn move into bricks-and-mortar commerce
PayPal bags iZettle in $2.2bn move into bricks-and-mortar commerce
Image Pay Pal has a market value of 92 billion dollars
18 May, 2018, 13:12
TechCrunch reports that iZettle was hoping to raise $227 million on the Stockholm Nasdaq exchange, which would have valued the company at around $1.1 billion.
The deal expands PayPal's in-store expansion opportunities in its current markets and help the company push omnichannel commerce services in Australia, the United Kingdom and the US. A merger would catapult PayPal into hundreds of thousands of brick-and-mortar storefronts globally in an effort to bring its digital payments tool into physical retailers and compete with companies, like Square.
"I'm pleased to announce that today we signed an agreement to acquire iZettle, the leading small business commerce platform in Europe and Latin America", Schulman said.
As per the deal, the position of iZettle's co-founder and CEO Jacob de Geer will remain intact. iZettle's entire executive team will also continue the operation as before.
PayPal and iZettle were not immediately available for comment.
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Dan Schulman said in the statement, "iZettle and PayPal are a strong strategic fit, with a shared mission, values, and culture - and complementary product offerings and geographies".
IZettle, which provides mobile card readers and offers digital payment services to small businesses, is used by nearly half a million merchants.
"Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants", said iZettle CEO Jacob de Geer.
IZettle has almost half a million merchants on its platform and expects to generate gross revenues of $165m (£122m) in 2018, processing total payments of around $6bn (£4.4bn). It was the first company to develop a chip card reader.
PayPal hopes the transaction will close in the third quarter, the company announced. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.
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