Executives from Paysafe and Kort Payments in a strategic meeting.
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Sponsor Our ArticlesPaysafe Limited has sold its direct marketing payment processing division, Paysafe Direct, to Kort Payments, led by former CEO Joel Leonoff. The sale includes technology, contracts, and employees, aiming for closure within 30 days. Paysafe’s CEO emphasizes a focus on core areas post-transaction, while Kort Payments seeks growth in the US market. Despite a revenue drop in this segment, Paysafe reports overall growth and expands into Brazil’s iGaming market, indicating a strategic shift for both companies.
In an exciting development in the world of payment processing, Paysafe Limited has decided to part ways with its direct marketing payment processing division, known as Paysafe Direct. The company has agreed to sell this business line to Kort Payments, an omnichannel payments provider that is led by none other than Joel Leonoff, the founder and former CEO of Paysafe.
The transaction is set to include not just the payment processing technology but also all related reseller and merchant contracts, as well as the dedicated employees associated with the business. Both companies are working towards finalizing the details, and the sale is expected to close within the next 30 days, contingent upon wrapping up transition services.
Paysafe’s CEO, Bruce Lowthers, emphasized that this divestiture underscores the company’s serious commitment to optimizing its portfolio and resources. After thoroughly reviewing its options, Paysafe decided that exiting this non-strategic business line would serve the long-term interests of its shareholders better. Post-transaction, the company will shift its focus towards its core customers and significant verticals within the burgeoning experience economy.
For Kort Payments, this acquisition is not just a simple expansion but a crucial step in its aspirations for aggressive growth in the US market. Joel Leonoff has expressed strong confidence that this acquisition aligns perfectly with Kort Payments’ commitment to bringing innovative solutions across North America. The transaction will primarily involve annual earnout payments, but specific financial details were not disclosed.
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