The Montreal-based fintech has entered into an agreement to purchase the U.S.-focused gaming and sports-wagering payment-technology firm for about US$56 million in cash and shares, plus additional consideration depending on the achievement of performance criteria that could bring the deal to a maximum US$315 million. (The Logic)
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The Montreal-based fintech has entered into an agreement to purchase the U.S.-focused gaming and sports-wagering payment-technology firm for about US$56 million in cash and shares, plus additional consideration depending on the achievement of performance criteria that could bring the deal to a maximum US$315 million. (The Logic)
Talking point: The acquisition fits into Nuvei’s strategy of expanding its sports-betting and online-gaming offerings, after it received approval last year to offer those services in West Virginia and joined the Canadian Gaming Association in March. Nuvei also recently added support for almost 40 cryptocurrencies, looking to cash in on explosive demand for the sector. In its first-quarter earnings, Nuvei announced it grew faster than ever in the fourth quarter of 2020, with revenue up 46 per cent and a net income of US$22.6 million, compared to a net loss of nearly US$3.1 million for the same period the previous year.
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