Paysafe share price soars as company buys affiliate marketing technology provider Income Access
Paysafe's share price has jumped today after the payments solutions firm announced it was snapping up Income Access.
Paysafe is buying the Montreal-based company, which provides affiliate marketing technology to businesses, for cash consideration of CA$40m (£23bn).
Investors were clearly thrilled with the decision, as shares are currently up 2.2 per cent at 446.2p.
"This transaction delivers on Paysafe's strategic objectives to provide relevant payment solutions that serve the evolving needs of our merchants," said Paysafe president and chief executive Joel Leonoff. "Income Access is an excellent fit for our business. 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."
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Income Access founder and chief executive Nicky Senyard added: "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."
Senyard will stay with Income Access, which was founded in 2002, as managing director.
Last year, Paysafe completed its acquisition of digital wallet service Skrill, which helped to drive up revenue in the company's digital wallet division by 195 per cent during the first half of 2016.
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