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.