Paysafe Welcomes Income Access Acquisition
Posted on September 13, 2016 at 12:09pm
Payment solution provider Paysafe has acquired an affiliate tech company as part of a strategy to amplify its product capabilities. The company behind one of Canada’s most trusted online casino payment methods said that it acquired Income Access for C$40 million. Income Access’ shareholders will receive C$28 million once the transaction has been completed. Three instalments of C$4 million each will be paid over the following 18 months. The acquisition was welcomed by Joel Leonoff, president and CEO of Paysafe, who said that it was in line with company strategy that sought to meet the evolving needs of their clients. He also said that the acquisition should enhance the company’s relationship with its merchants.
Paysafe Divisional CEO Lorenzo Pellegrino, who oversees the provider’s Skrill and Neteller brands, added that the new acquisition would also help them expand their network of international affiliates. The well-known prepaid card aside, Skrill and Neteller are perhaps the provider’s most widely-used online payment solutions, and are used not just to make deposits at casinos, but for retail and service payments, too. Skrill and Neteller are payment methods popularly known as e-wallets. They function as a sort of holding account or digital wallet that users can link to their online banking profiles. Once the link has been established, money can be transferred between the bank account and the e-wallet. Users can then make online payments using their e-wallets instead of by submitting their card or banking details.
A Closer Look at Income Access
Montreal-based Income Access was founded in 2002, and grew to become a leading brand that provides businesses with affiliate technology for the management of marketing programmes. Its multi-platform software is used by more than 25000 affiliates, and the company employs staff in not only Canada, but Vancouver, Brisbane, and London as well. Income Access founder and CEO Nicky Senyard expressed support of the company’s acquisition by Paysafe. Senyard, who will stay on as the company’s managing director, said that the provider’s products complemented the company’s network of affiliates and its technology perfectly, and that current and new clients would reap various benefits.