Shift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce Capabilities
October 26 2023 - 9:00AM
Business Wire
Shift4 (NYSE:FOUR), a global leader in integrated payments and
commerce technology, has completed its previously announced
acquisition of Finaro, a cross-border ecommerce payments provider
and fully licensed bank with a large European presence. The
completion of this acquisition significantly expands Shift4’s total
addressable market both in terms of geographic coverage and
industry verticals.
Finaro will provide the global infrastructure and cutting-edge
technology needed to drive Shift4’s international expansion into
Europe and beyond. In addition to expanding Shift4’s geographic
footprint, the acquisition will enhance the company’s cross-border
ecommerce capabilities to deliver a unified global payments
platform for merchants and partners around the world.
“Finaro is highly complementary to Shift4 in terms of geographic
coverage, capabilities, and addressable markets. It also empowers
us to follow our existing strategic customers into new markets
which represents a significant opportunity,” stated Shift4 CEO
Jared Isaacman. “By coupling Shift4’s card-present solutions with
Finaro’s strengths in cross-border ecommerce, the combined
organization offers a truly unified commerce experience that can
compete with the biggest payments companies in the world.”
Mr. Isaacman added, “With Finaro’s tech center based in Israel,
we realize that this comes during an extremely difficult time for
those employees and their loved ones. The ability to work together
during these trying times is a testament to the talent and
character of everyone on the Finaro team. We are proud to welcome
them into our Shift4 family.”
This acquisition not only augments Shift4’s ecommerce offering,
but will also enable Shift4 to soon offer its card-present
technology across Europe – including the company’s SkyTab
restaurant point-of-sale system and VenueNext stadium solution.
Additionally, Shift4 has more than 500 software integrations and
over 200,000 merchant customers, many of which have a multinational
presence and provide immediate international opportunities that can
now be unlocked as a result of this acquisition.
“Having led the business from early on, I’m proud of how
significantly we’ve grown Finaro over the past decade and thrilled
to see the completion of this acquisition. I’m confident that
Finaro’s best-in-class technology, talent, and capabilities will
successfully merge into Shift4 and enable the combined organization
to become a global leader in the payments space. I want to thank
Finaro’s devoted and talented Management Team and all our
outstanding employees for bringing us to this point and I look
forward to seeing where the company goes from here,” says Igal
Rotem, CEO of Finaro.
Finaro will soon rebrand as Shift4 to operate under a single
brand reflecting the company’s unified global payments platform. To
learn more about Shift4, visit www.shift4.com.
Citi served as exclusive financial advisor to Shift4 on its
acquisition of Finaro.
Keefe, Bruyette & Woods (KBW), a Stifel Company, served as
the financial advisor to Finaro.
About Shift4
Shift4 (NYSE: FOUR) is boldly redefining commerce by simplifying
complex payments ecosystems across the world. As the leader in
commerce-enabling technology, Shift4 powers billions of
transactions annually for hundreds of thousands of businesses in
virtually every industry. For more information, visit
shift4.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231025588154/en/
Media: Nate Hirshberg Vice President, Marketing
nhirshberg@shift4.com Investor Relations: Thomas McCrohan
Head of Investor Relations (484) 735-0779 tmccrohan@shift4.com
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