Nuvei, a Montreal-based payment technology firm and provider of global payment solutions, announced this week that it has completed its acquisition of SafeCharge International Group in a deal valued at $889 million.
SafeCharge was founded in 2007 by CEO David Avgi and businessman Teddy Sagi, and held its IPO on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange, in April 2014. Following the deal, SafeCharge's shares will be delisted from AIM.
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Nuvei is a private company specializing in providing payment solutions mainly to customers in the US and Canada. The company, which is based in Montreal, has about 400 employees in the US and Canada.
According to press releases by both companies, Nuvei plans to leverage SafeCharge's technology to "reinforce its global proposition and delivers fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography."
"This marks the dawn of a new, exciting journey for Nuvei," said Nuvei's Chairman and CEO Philip Fayer. "Thanks to SafeCharge's technology platform, we've enhanced our ability to deliver powerful payment solutions to our technology partners, merchants, and resellers. With offices across 14 countries and unparalleled fintech expertise, we've transformed our combined organization into a diversified, global payments leader with massive scale and reach."
SafeCharge CEO David Avgi said, "We are jointly creating an international payment giant with an unrivaled talent pool and technology stack. We are thrilled to be part of a bigger entity to further the adoption of the most innovative payments technology globally. The move will also provide our employees with more long-term career opportunities and be part of a global company, which we can all be very proud of."
