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18 May 2018, 02:27 | Rudolph Thomas
PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion
PayPal Holdings on Thursday said it would acquire Swedish point-of-purchase technology firm iZettle in a deal worth $2.2 billion. The deal expands PayPal's in-store expansion opportunities in its current markets and help the company push omnichannel commerce services in Australia, the United Kingdom and the US.
Based in Stockholm, iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson with a mission to help small businesses "succeed in a world of giants" by levelling the playing field against bigger retailers.
Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending.
By joining PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including to the USA, the companies said.
iZettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to have gross revenues of $165 million this year, up from $110 million in 2017. IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK.
Earlier this month, iZettle announced plans for an initial public offering and de Geer specifically said the company had no interest in a so-called dual-track process that would consider a sale as an alternative to the listing. "The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow".
"The opportunity to become part of PayPal was too good to pass up", he said, "The global scale and 19 million merchant relationships that PayPal has enables us to move faster and reach further than ever before".
The transaction is expected to be approximately $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP EPS.
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