Nuvei to acquire integrated payment solutions provider Base Commerce
Payment technology services provider Nuvei Corp (TSE:NVEI) announced on Tuesday that it has entered into a purchase agreement to acquire substantially all of the assets of Base Commerce, LLC, a provider of integrated payment solutions.
The transaction is expected to close on or about December 31, 2020, subject to customary closing conditions.
Base, which was founded in 2008, is a technology-driven payment processing company specializing in bankcard and ACH payment processing solutions. The company serves clients in a wide range of industries, including property management, consumer finance and collections, tolling, parking and transportation, and charitable giving.
In addition to providing revenue opportunities, this acquisition expands Nuvei’s product capabilities, diversifies its acquiring portfolio, enhances sponsor bank coverage, and enlarges its distribution network. Base processes approximately $8 billion in ACH volume and more than $2 billion of credit card acquiring volume on an annual basis.
Philip Fayer, Nuvei’s chairman and CEO, commented:
“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. 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. We are excited for the Base team to join us on our mission to make our world a local marketplace.”
This marks yet another interesting M&A move by Nuvei, which has been rather active on this front lately. As FX News Group has reported, Nuvei completed the acquisition of Smart2Pay Global Services B.V. in November 2020.