PayPal snaps up iZettle in $2.2bn deal

18 May, 2018, 14:00 | Author: Cecelia Webb
  • Dan Schulman PayPal

Paypal's acquisition of iZettle has also come at a time when the latter has already filed for an IPO in the Stockholm stock market for raising almost $227 million.

"In today's digital world, consumers want to be able to buy when, where and how they want". "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".

The deal is expected to close in the third quarter of this year - at which point PayPal will gain in-store capabilities in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain, and Sweden, while accelerating its omnichannel commerce solutions in Australia, UK, and US.

- Jacob de Geer, CEO & co-founder, iZettle " Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity.

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including in the United States.




The Stockholm-based startup founded in 2010 expected to handle about US$6 billion in transactions this year, taking in gross revenue of approximately US$165 million in the process.

Jacob de Geer, the chief executive officer of iZettle, will stay on-board to lead the business, reporting to Bill Ready, the chief operating officer of PayPal. The company forecast reaching EBITDA profitability by 2020 on a standalone basis.

PayPal and iZettle were not immediately available for comment.

The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals.

PayPal said it hopes to be able to reap the advantages of the merger nearly immediately in certain areas, and that the financial benefits will kick in shortly after the deal closes, expected in the third quarter.

Recommended:



Popular

Fortnite Introduces Solo Showdown for the Competitive At Heart
Placements in this limited time mode will be specially tracked and determine rewards you receive at the end of the event. The Fortnite Solo Showdown is the first instance where Battle Royale players who perform well can earn V-Bucks.

TMC leading 34 percent vote share
The CPM slipped to the third position by winning 1,306 gram panchayats and leading in another 27, the sources said. The counting of votes for West Bengal Panchayat election 2018 results will begin from 7 am onwards today.

Germany responds to USA's ultimatum about Nord Stream 2 project
She has specified that this means that any pipeline construction project in the world could potentially be under sanctions.

In Gaza, Israel counts on army snipers over non-lethal arsenal
Now Hamas has used its supporters to besiege its borders with Israel to force a mass excursion into that state. The Palestinians held a one-day general strike and called for three days of mourning for the victims.

Brexit: Scotland set to reject EU Withdrawal Bill
Holyrood's approval is not legally necessary for the EU Withdrawal Bill to become law because Westminster can disregard its view. Nicola Sturgeon's government in Edinburgh insists that Holyrood must explicity agree to any changes before they can take effect.

Apple seeks $1bn from Samsung after patent infringement dispute
Samsung is asking the jury to determine how much each of these discrete elements is worth and then assess damages accordingly. Samsung has argued that consumers have other reasons to buy a phone other than its original design.

United States imposes sanctions against Iran central bank governor
Together the actions "seek to stifle Iran's ability to abuse the USA and regional financial systems", according to Treasury. At the time, the U.S. singled out the Central Bank of Iran as "complicit" in the operation, foreshadowing Tuesday's action.

Two Hidden Pages of Anne Frank's Diary Have Finally Been Uncovered
He edited and published her writings in hiding after the war, making Anne Frank one of the world's most famous Holocaust victims. Cooped up in an attic for months on end, Anne Frank jotted down some of her observations about life in her diary.

Moving US embassy nothing to do with Gaza violence - Nikki Haley
Interested in Israel? Add Israel as an interest to stay up to date on the latest Israel news, video, and analysis from ABC News. Pro-Palestine protesters around the World react with anger at Israel's killing of at least 60 Palestinians in the Gaza Strip.

Author Tom Wolfe dies aged 88
Wolfe penned the script, while Sam Shepard, Dennis Quaid, and Ed Harris starred in the film. Since childhood, Tom Wolfe dreamed of becoming a writer.