NEOVIA Financial Plc acquires new online payment company

NEOVIA Financial Plc has entered into a definitive agreement to purchase the online payments business and substantially all of the assets of 7012985 Canada Inc. (“OP Group”), a leading global payment processor based in Montreal, (together “Optimal Payments”), for consideration of up to US$ 50 million (£31.25 million) in cash, shares, vendor debt financing and warrants (the “Acquisition”).

Optimal Payments is a provider of straight through processing solutions to merchants in North America and Europe, processing more than US$ 2.5 billion in transactions annually.

Strong strategic fit with NEOVIA’s stored value (“NETELLER”) business and adds significant scale to NEOVIA’s existing processing capabilities, says NEOVIA in its statement.

Mark Mayhew, NEOVIA’s President & CEO, commented: “This acquisition provides a highly complementary fit for our stored value business and is absolutely aligned with the “twin pillars” strategy we outlined last year. We are excited about the possibilities for growing the combined business and we see substantial synergies in the near term. As we have come to know the Optimal team members through the acquisition process, we have been impressed by their achievements, their vision and their ambition, and we look forward to working together to realise the strategy of building a best-in-class global alternative payments business.”