Paysafe buys Income Access Group for CAD40m

FTSE 250 payment solutions provider Paysafe – known as Optimal Payments before it merged with competitor Skrill in August last year – has acquired affiliate technology business Income Access Group for a cash consideration of CAD40m.

Founded in 2002 and based in Montreal, with employees in Vancouver, London and Brisbane, Income Access provides innovative affiliate technology for businesses to manage their performance marketing programmes.

Paysafe president and chief executive officer Joel Leonoff said: "By adding Income Access's affiliate technology to our product suite alongside our Skrill and NETELLER brands and deepening our merchant relationships, this transaction delivers on Paysafe's strategic objectives to provide relevant payment solutions that serve the evolving needs of our merchants.

"Income Access is an excellent fit for our business. This acquisition will help to extend our leadership position in niche-orientated payment solutions as we add value for our merchants and redefine the role of a payments provider.”

Paysafe said that CAD28m of the purchase price is payable in cash on completion. The deferred consideration balance of CAD12m will be payable to the vendors in three equal instalments over the 18-month period following completion.