Dan Schulman, CEO PayPal, said in an interview with Bloomberg "IZettle was the flawless fit in many ways". The chip-card reader and its app for smartphone-based mobile commerce meet worldwide security standards. iZettle's service is available in 12 countries which includes United Kingdom, Finland, Denmark, Germany, Italy, Netherlands, Spain, Italy, Germany, and Brazil, among others.
TechCrunch reports that iZettle was hoping to raise $227 million on the Stockholm Nasdaq exchange, which would have valued the company at around $1.1 billion. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".
Under the terms of the deal, Zettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to process Dollars 6 billion in payments in 2018 and have gross revenues of USD 165 million.
The company indicated earlier this month it would hold an initial public offering, but told Bloomberg that the PayPal merger aligns with the company's goals.
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Dan Schulman, PayPal's chief executive said, "I'm pleased to announce that today we signed an agreement to acquire iZettle, the leading small business commerce platform in Europe and Latin America".
The acquisition is the largest in PayPal's history and is for a company that is still making a loss.
- 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.
Upon closing of the deal, PayPal will gain in-store capabilities in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden. As far as this acquisition is concerned, iZettle being part of PayPal would help the company to expand its service to Europe. The transaction is expected to close in the third quarter of 2018.