PayPal Completes Acquisition of iZettle
September 20 2018 - 08:00AM
Business Wire
PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it has
completed its acquisition of iZettle for approximately $2.2 billion
USD. This transaction builds on PayPal’s strong set of products and
services for small businesses and is intended to help accelerate
growth and deliver a seamless commerce experience for
merchants.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180920005368/en/
Left to right: Jacob de Geer, co-founder
and CEO of iZettle, and Bill Ready, chief operating officer of
PayPal. (Photo: Business Wire)
“We’re thrilled to welcome the iZettle team to the PayPal family
and are excited to expand the ways we serve our small business
customers,” said Bill Ready, chief operating officer, PayPal.
“iZettle brings a suite of products and services that allows
merchants to meet their customers where they are – online, in store
or via mobile. This is another step in our journey toward
democratizing commerce tools to help businesses of all sizes
thrive.”
With the close of the deal, Jacob de Geer, co-founder and CEO of
iZettle, now joins PayPal and will continue to lead iZettle,
reporting to Ready. Magnus Nilsson, co-founder and Executive
Chairman of iZettle, also joins PayPal.
“Today is a very big day – for me and for everyone at iZettle,”
de Geer said. “We share PayPal’s strong belief in the power of
small businesses. Together, we will be stronger and move even
faster to help small businesses succeed in a world of giants.”
Prior to the closing of the acquisition, the UK Competition and
Markets Authority (CMA) initiated a review of the transaction.
PayPal is working cooperatively with the CMA as it conducts its
review. PayPal and iZettle brands and operations will be held
separate as agreed with the CMA, pending completion of the CMA’s
review.
About PayPal
Fueled by a fundamental belief that having access to financial
services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL)
is committed to democratizing financial services and empowering
people and businesses to join and thrive in the global economy. Our
open digital payments platform gives PayPal's more than 250 million
active account holders the confidence to connect and transact in
new and powerful ways, whether they are online, on a mobile device,
in an app, or in person. Through a combination of technological
innovation and strategic partnerships, PayPal creates better ways
to manage and move money, and offers choice and flexibility when
sending payments, paying or getting paid. Available in more than
200 markets around the world, the PayPal platform, including
Braintree, Venmo and Xoom, enables consumers and merchants to
receive money in more than 100 currencies, withdraw funds in 56
currencies and hold balances in their PayPal accounts in 25
currencies. For more information on PayPal, visit
https://www.paypal.com/about. For PayPal Holdings, Inc. financial
information, visit https://investor.paypal-corp.com.
About iZettle
iZettle is on a mission to help small businesses succeed in a
world of giants. Founded in Stockholm in 2010, the financial
technology company revolutionised mobile payments with the world’s
first mini chip card reader and software for mobile devices. Today
iZettle’s commerce platform for small businesses in Europe and
Latin America provides tools to get paid, sell smarter and grow
your business. Find out more information about iZettle’s small
business community at https://www.izettle.com.
Forward-Looking Statements
This announcement contains “forward-looking” statements within
the meaning of applicable securities laws. Forward-looking
statements and information relate to future events and future
performance and reflect PayPal’s expectations regarding the impact
of this transaction on PayPal’s and iZettle’s financial and
operating results and business, the operation and management of
iZettle after the acquisition. Forward-looking statements may be
identified by words such as “seek”, “believe”, “plan”, “estimate”,
“anticipate”, expect”, “intend”, and statements that an event or
result “may”, “will”, “should”, “could”, or “might” occur or be
achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which
may cause actual results to differ materially from the statements
made, and, accordingly, readers should not place undue reliance on
forward-looking statements and information. Factors that could
cause or contribute to such differences include, but are not
limited to, the reaction to the transaction of iZettle’s customers
and business partners, the reaction of competitors to the
transaction, the retention of iZettle’s employees, PayPal’s plans
for iZettle, including the possibility that integration may be more
difficult than expected, the timing and possible outcome of CMA’s
review of the transaction, economic and political conditions in the
global markets in which PayPal and iZettle operate, and the future
growth of PayPal’s and iZettle’s businesses. More information about
these and other factors can be found in PayPal Holdings, Inc.’s
most recent Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K and other filings with the
Securities and Exchange Commission (the “SEC”), and its future
filings with the SEC.
PayPal expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
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PayPal Holdings, Inc.PayPal Investor RelationsGabrielle
Rabinovitchgrabinovitch@paypal.comorPayPal Media RelationsJosh
Criscoe, +1 646-667-5065jcriscoe@paypal.com
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