Paysafe Group, a global payments provider, announced Monday it has completed the acquisition of iPayment Holdings Inc., which was signed on April 12.
California-based iPayment provides payment and processing products for small and medium-sized businesses and generated processing volumes of over $25 billion in 2017 from more than 137,000 merchant customers across the country, according to a press release about the acquisition.
Paysafe said the integration process of combining iPayment with Paysafe’s North America payment processing organization will now commence.
Todd Linden, CEO of Paysafe in North America, will run the expanded organization and O.B. Rawls IV, iPayment’s former CEO, along with iPayment CFO, Robert Purcell, have both accepted new leadership roles within Paysafe.
“This strategic acquisition is a success on many levels for Paysafe,” Linden said in the release. “First, it follows our strategy of building on our strengths and growing our presence in the fast-growing SMB sector operating in the vast U.S. 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.”