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etvfutures.com May 24, 2018


PayPal buys iZettle for $2.2 bn to compete with Square

18 May 2018, 10:17 | Lucia Cruz

Jacob de Geer CEO and cofounder of iZettle. Yvonne Åsell SvD TT

Jacob de Geer CEO and cofounder of iZettle. 
 	
Yvonne Åsell  SvD  TT

Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets.

iZettle, which is based in Sweden, said last week it would list an IPO on the Nasdaq in Stockholm sometime this year, and said at the time it would not be pursuing a sale as alternative to an IPO. In today's digital world, consumers want to be able to buy when, where and how they want.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

This combination brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation.

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By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including to the USA, the companies said.

For 2018, iZettle expects to generate gross revenues of United States dollars 165 million, and to process USD 6 billion worth of total payment volume (TPV) on its platform. The company forecast reaching EBITDA profitability by 2020 on a standalone basis. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year.

A deal could be announced by the end of Thursday, according to the WSJ report, while Sky News bit.ly/2GsXWtE, which reported the talks first, said it could come by Friday morning. The two companies will continue to operate independently until close.



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