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Be the first with the news that moves the market- Payment technology provider Nuvei (NVEI) is set to grow its payment processing capabilities with its acquisition of Base Commerce LLC
- Founded in 2008, Base Commerce specialises in bankcard and Automated Clearing House (ACH) payment processing solutions
- Each year, Base Commerce processes roughly C$8 billion in ACH volume and more than $2 billion in credit card acquiring volume
- The transaction is expected to close by the end of this year, and will expand Nuvei’s product capabilities with a proprietary ACH processing platform
- Nuvei is currently up 2.13 per cent to $48.00 per share
Payment technology provider Nuvei (NVEI) is set to grow its payment processing capabilities with its acquisition of Base Commerce LLC.
Founded in 2008 and headquartered in Phoenix, Arizona, Base Commerce bears many of the same payment processing characteristics as Nuvei, but specialises in bankcard and Automated Clearing House (ACH) payment processing solutions.
Its customer base spans a variety of industries, including property management, consumer finance and collections, tolling, parking and transportation, and charitable giving.
Base Commerce processes roughly C$8 billion in ACH volume and more than $2 billion in credit card acquiring volume each year, and is anticipated to expand Nuvei’s product capabilities, diversify its portfolio of acquisitions, enhance sponsor bank coverage, and enlarge its distribution network.
“We are thrilled to announce our agreement to acquire Base Commerce, a leading payment solutions provider with a merchant-first philosophy that matches our own,” said Philip Fayer, Chairman and CEO of Nuvei.
“This acquisition will significantly expand our product capabilities with a proprietary ACH processing platform as well as further build and diversify our acquiring portfolio, adding high margin verticals,” he added.
The acquisition follows the release of Nuvei’s third quarter financial results, which were published on November 11 and outline a 62 per cent jump in the volume of transactions, from US$7.1 billion (C$9.27 billion) in the third quarter of last year to US$11.5 billion (C$15.02 billion) this year.
Likewise, Nuvei reported a 32 per cent climb in revenue to US$93.6 million (C$122.25 million) from US$70.8 million (C$92.47 million) last year, driven in part by contributions associated with the acquisition of SafeCharge that occurred in August 2019.
Nuvei is currently up 2.13 per cent to C$48.00 per share at 11:15am EST.
