ontreal-based Optimal Payments is a leading global payment processor and the consideration includes cash, shares, vendor debt financing and warrants to create what Neovia calls a ‘true-scale player in alternative payments through the combination of leading businesses in stored value and straight-through processing’.
“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,” said Mark Mayhew, President and Chief Executive Officer for Neovia. “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 realise the strategy of building a best-in-class global alternative payments business.”
The deal will see Joel Leonoff, President and Chief Executive Officer for Optimal Payments, join Neovia’s board as an Executive Director while senior team members are set to remain in place with Danny Chazonoff leading the combined straight-through processing business. “Neovia is an excellent strategic partner for Optimal Payments’ business and will enable us to achieve the scale that is essential in the payments market today,” said Leonoff.
“We believe this business combination uniquely positions us in the payment space through our consolidated technology and unparalleled comprehensive product offering. 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.
“We are excited by the opportunities this combination provides and share Mark and his team’s enthusiasm for what we can now achieve together.”