GoDaddy, the online firm best known for its website builder solution, has announced that it has finalized an agreement to acquire payments processing firm Poynt.
The deal will see GoDaddy pay $320 million in cash upon closing, with an additional $45 million in deferred payments dependent on whether certain performance and employment conditions are met over the next three years.
GoDaddy plans to integrate Poynt with its Websites + Marketing solution, as well as its WordPress services, to enable small businesses to boost sales by bringing together both the online and offline shopping experiences. Poynt is already used by more than 100,000 merchants worldwide and offers a broad suite of products to help SMBs sell and accept payments.
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Poynt of sale
In addition to the financial parts of the deal, Poynt’s CEO Osama Bedier will join the GoDaddy team as the head of a new Commerce Division focused on creating innovative solutions for small businesses.
The coronavirus pandemic has caused the offline and online retail experiences to converge further, which may explain why GoDaddy has chosen to make the Poynt acquisition now. Gaining access to Poynt’s payment solutions will enable GoDaddy to better serve customers that need to be able to manage offline and online sales seamlessly.
The Poynt acquisition is expected to close in the first quarter of 2021, subject to regulatory and other closing conditions.
"Commerce is critical to our customers and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell everywhere," said GoDaddy CEO Aman Bhutani.
"Poynt accelerates our strategy to provide a complete suite of commerce and payment services to address this critical customer need and focus on a large addressable market opportunity. We've built leading e-commerce capabilities that today allow small businesses to easily sell on their sites, across major marketplaces and the most popular social networks, and now we will help make them successful everywhere."
- Also, check out our roundup of the best payment gateways
Via ZDNet
