January 25 - Neovia Financial, the Isle of Man based online payments provider, which offers brands such as Neteller and the Netbanx gateway, has announced plans to acquire its industry rival, Optimal Payments Incorporated.
The $50 million consideration includes cash, shares and vendor debt financing, according to Neovia.
The group's President and Chief Executive Officer, Mark Mayhew said: "This acquisition provides a highly complementary fit for our stored value business and is absolutely aligned with the 'twin pillars' strategy we outlined last year."
"We are excited about the possibilities for growing the combined business and we see substantial synergies in the near term."
"As we have come to know the Optimal Payments team members through the acquisition process, we have been impressed by their achievements, their vision and their ambition and we look forward to working together to realize the strategy of building a best in class global alternative payments business," he added.
The President and Chief Executive Officer of Optimal Payments, Joel Leonoff said that Neovia is an excellent strategic partner for his group and the acquisition will enable Optimal to achieve the scale that is essential in the payments market.
Leonoff will join Neovia's board as Executive Director.
"We believe this business combination uniquely positions us in the payment space through our consolidated technology and unparalleled comprehensive product offering," said Leonoff.
"The combined customer base, technology platforms and innovative solutions of Neovia and Optimal Payments make this a compelling transaction for our customers, our employees and our end users globally."
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