Neovia Financial has acquired Optimal Payments, a global payment processor based in Montreal, to create a scale player in alternative payments. The deal is estimated to be worth US$50m.
Neovia believes that Optimal Payments is a strong fit with Neovia’s stored value (Neteller) business and adds scale to Neovia’s existing processing capabilities (NetBanx). It will help diversify and broaden Neovia’s merchant base and provides a strong North American presence and fuller exposure to rapidly growing e-commerce markets.
Mark Mayhew, Neovia’s president and chief executive officer (CEO), 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 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 realise the strategy of building a best-in-class global alternative payments business.”