PayPal buys Swedish start-up iZettle for Dollars 2.2 bln
18 May, 2018, 17:30 | Author: Sally Reid
"When we think about the combinations and capabilities of PayPal and iZettle", Schulman added, they "set us apart from anyone else".
PayPal stock jumped almost 2% when reports of the deal first surfaced.
iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson with a mission to help small businesses and revolutionized mobile payments with the world's first mini chip card reader and software for mobile devices.
Dan announced that it is the largest acquisition in PayPal's history and that it will significantly expand the company's "in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment".
Based in Sweden, iZettle has built a presence in Europe and South America that will allow PayPal to bring its platform to almost 500,000 stores in 11 new countries including France, Germany, Brazil and Mexico.
While PayPal predominates as an alternative payment mechanism for websites and other online merchants, it lacks the kind of hardware and infrastructure to enable small business owners to take card payments via mobile technology.
The takeover comes less than three weeks after iZettle said it would list shares in Stockholm.
IZettle has almost half a million merchants on its platform and expects to generate gross revenues of $165m (£122m) in 2018, processing total payments of around $6bn (£4.4bn).
It was announced ten days ago that Sweden's iZettle was planning to go public provoked cheers among European tech boosters, but that excitement proved to be short-lived. But just how iZettle will be integrated with PayPal's own competing point-of-sale payment services remains to be seen. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. The San Francisco-based company continues to operate today as a standalone service within PayPal.
Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier are acting as its legal advisers with regard to the transaction.
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