Payments provider forks out C$40 million for Income Access
The online gambling industry's top affiliate management company, Income Access has been acquired by payment solutions provider Paysafe for C$40 million.
The agreement was signed by Income Access owner EcomAccess, and IA Digital Marketing and its shareholders, and includes certain software and related intellectual property from Share Results.
C$28 million of the consideration is to be paid in cash on completion of the deal, with the deferred balance of C$12 million payable in three equal instalments of C$4 million over the 18-month period following completion.
"By adding Income Access's affiliate technology to our product suite alongside our Skrill and NETELLER brands and deepening our merchant relationships, this transaction delivers on Paysafe's strategic objectives to provide relevant payment solutions that serve the evolving needs of our merchants," Paysafe president and chief executive Joel Leonoff said.
"This acquisition will help to extend our leadership position in niche-orientated payment solutions as we add value for our merchants and redefine the role of a payments provider."
Nicky Senyard, founder and chief executive of Income Access, will remain as managing director of the business, and commented in a statement:
"Our technology and global affiliate network, combined with Paysafe's comprehensive payments offering, creates a winning combination for the benefit of our existing and new partners."
Online Casino News Courtesy of Infopowa