Nuvei, a global payment technology provider based in Canada, announced on Friday it is set to acquire Mazooma Technical Services Inc. a U.S.-based focused gaming and sports wagering payment technology provider for approximately $56 million, plus additional consideration subject to the achievement of specific performance criteria (over a maximum 3-year period from the closing date) of up to a total maximum consideration of approximately $315 million.
According to Nuvei, Mazooma is an account-to-account payments provider in U.S. online gaming and sports betting and is a registered vendor in nine states, with permission in 12 states, and holds money transmitter licenses and exemptions in a total of 47 states. The company’s Instant Bank Transfer payment solution features same-day Automated Clearing House (ACH) for pay-ins and payouts; and through a partnership with Plaid, is connected to 11,000 financial institutions in the U.S. Philip Fayer, Nuvei’s chair and CEO, spoke about the acquisition by stating:
“Mazooma will enhance and expand Nuvei’s portfolio of alternative payment methods with a leading ACH platform with both pay-in and pay-out functionality, developed and used exclusively for online gaming in the U.S.”
Founded in 2003, Nuvei provides fully-supported payment solutions designed to promote and advance its partners’ success.
“We work with ISOs, ISVs, payment facilitators, developers, and eCommerce platforms, supporting them with the technology, expertise, and customer service they need to stand out. Backed by our full-service, globally connected platform, our vision is to build a network in which our partners can truly thrive. Our goal is to create bigger and better payment opportunities for all, paving the way to great partnerships.”
The company previously raised $270 million in common equity financing. The Base transaction is expected to close on or about December 31, 2020, subject to customary closing conditions.
