Paysafe Group, a U.S.-based global payments provider, announced on Monday that it has completed the acquisition of iPayment Holdings, Inc., which was signed earlier this spring. According to Paysafe, iPayments is a provider of payment and processing solutions for small and medium-sized businesses and generated processing volumes of more than $25 million in 2017 from over 137,000 merchant customers across the country.
Paysafe revealed that the integration process of combining iPayment with its North America payment processing organization will now commence and Todd Linden, CEO of Paysafe in North America, will run the expanded organization. Both O.B. Rawls IV, iPayment’s former CEO, and iPayment CFO, Robert Purcell, have both accepted new leadership roles within Paysafe.
PaySafe also reported that the acquisition also allow it and iPayment to cross-sell more products such as POS solutions, digital wallets, pay later and prepaid solutions to a significantly expanded customer base. Paysafe Group CEO, Joel Leonoff, added
“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.”