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NEOVIA Financial completes US$50 million acquisition of Optimal Payments

Date Closed

January 31, 2011

Lead Office

Montréal

Value

50.00 Million USD

On January 20, 2011, NEOVIA Financial Plc announced the creation of a true scale player in alternative payments through the combination of leading businesses in stored value and straight through processing.
 
NEOVIA entered into a definitive agreement to acquire the online payments business and substantially all of the assets of 7012985 Canada Inc., a leading global payment processor based in Montréal,for consideration of up to US$50 million in cash, shares, vendor debt financing and warrants.

The acquisition dramatically diversifies and broadens NEOVIA’s merchant base by providing a strong North American presence and fuller exposure to rapidly growing e-commerce markets.

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

NEOVIA, headquartered in the United Kindgom, is trusted by consumers and businesses in over 170 countries to move and manage billions of dollars each year. NEOVIA Financial Plc is a leading alternative payments business. Through the NEOVIA Payment Network, merchants use the NETBANX® processing service to simplify how they accept and settle card, direct-from-bank, and cash payments, and the NETELLER® payment account to increase margins, capture new customers and increase customer lifetime values.

McCarthy Tétrault LLP represented NEOVIA, the acquiror, with a team led by Iain Scott.

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