Nuvei - CEO, Philip Fayer.
CEO, Philip Fayer.
Source: Nuvei.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Nuvei (NVEI) is set to acquire Mazooma, a U.S.-focused gaming and sports wagering payment technology provider
  • Merchants under contractual agreement with Mazooma are expected to process more than US$2 billion in 2021
  •  Nuvei will pay US$56 million-plus up to US$315 million subject to performance criteria over a three-year period
  • The company will pay 24 per cent of the purchase price via subordinate voting shares with the rest in cash
  • The transaction is expected to close in Q2 2021
  • Nuvei is a global payment technology provider
  • Nuvei (NVEI) is up by 2.84 per cent and is currently trading at C$87.87 per share

Nuvei (NVEI) is set to acquire Mazooma, a U.S.-focused gaming and sports wagering payment technology provider.

The company will pay US$56 million plus up to US$315 million subject to performance criteria over a three-year period.

The company will pay 24 per cent of the purchase price via subordinate voting shares with the rest in cash.

The transaction is expected to close in Q2 2021.

Mazooma is an account-to-account payments provider in U.S. online gaming and sports betting. It’s a registered vendor in nine states, with permission in 12 states and money transmitter licenses and exemptions in 47 states.

Mazooma’s Instant Bank Transfer solution features same-day automated clearing for pay-ins and payouts. Through a partnership with Plaid, it is also connected to 11,000 financial institutions in the U.S.

Merchants under contractual agreement with Mazooma are expected to process more than US$2 billion in 2021.

Philip Fayer, Nuvei’s Chair and CEO, commented,

“Mazooma will enhance and expand Nuvei’s portfolio of alternative payment methods with a leading automated clearing house platform with both pay-in and payout functionality, developed and used exclusively for online gaming in the U.S. Because of low credit card acceptance rates, ACH is a must-have capability and solution in payments for online gaming and sports betting operators today.  

Additionally, this acquisition will not only give Nuvei the necessary product functionality, but also the vendor registration, compliance and operational infrastructure to address merchant’s requirements in any regulated U.S. state. This acquisition will truly solidify our commitment to and presence in the U.S. online gaming and sports betting industry.”

Nuvei is a global payment technology provider.

Nuvei (NVEI) is up by 2.84 per cent and is currently trading at C$87.87 per share as of 9:32 am ET.

More From The Market Herald

" Micromem Technologies (CSE:MRM) closes private placement

Micromem Technologies (MRM) has closed a private placement for gross proceeds of $282,000.
PyroGenesis - Vice President of Sales, Massimo Dattilo.

" PyroGenesis (TSX:PYR) completes titanium powder order from Aubert & Duval

PyroGenesis (PYR) has completed a 100 kg titanium powder order from Aubert & Duval.

" Adamant Global Holdings (CSE:ADMT) releases 2021 results

Adamant (ADMT) has released its 2021 financial results headlined by significant revenue growth.

" Buzz on the Bullboards: The Larger the Hubs, the Heavier the Debates

Several of Stockhouse’s larger Bullboard hubs have set off serious debates on the future direction of some companies following significant moves this past