GoDaddy has signed a deal to acquire a revolutionary open commerce platform and the inventor of the Smart Terminal, Poynt, for $365 million.
On December 15, 2020, the American publicly traded Internet domain registrar and web hosting company GoDaddy announced the acquisition of Poynt, a California-based payments processor. Under the terms of the agreement, GoDaddy will purchase Poynt for $320 million in cash and $45 million in deferred cash payments subject to certain performance and employment conditions over three years. The transaction will be finalized in the first quarter of 2021.
GoDaddy is looking to expand commerce services with integrated payments. Here is what GoDaddy CEO Aman Bhutani said in the statement:
“Commerce is critical to our customers and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell everywhere. Poynt accelerates our strategy to provide a complete suite of commerce and payment services to address this critical customer need and focus on a large addressable market opportunity.”
The integration of Poynt with GoDaddy’s websites, WordPress commerce services, and marketing will lead to boosting sales and customer satisfaction for small businesses by connecting offline and online shopping experiences. Currently, over 100,000 merchants with over $16 billion in annual Gross Merchandise Volume (GMV) use Poynt’s products, which allow businesses to sell and accept payments anywhere.
The CEO of Poynt, Osama Bedier, will join the leadership team at GoDaddy and will lead a new commerce division. Here is what he said about the deal:
“Our team is super excited to join forces and help millions of GoDaddy entrepreneurs sell everywhere, in the most seamless experience possible, at a time they couldn’t need it more.”
For the last 7 years, Poynt had been working on creating the perfect commerce platform. The company invented Android-based Poynt’s Smart Terminal and developed other types of terminals that operate on PoyntOS. Poynt offers multiple payment processing models for small businesses including the integration with 16 payment processors and Poynt Payments in the USA.
SPD Group partnered with Poynt in early 2019 to deliver software development, software support, maintenance and offer new features and improvements. As a result of this partnership, an all-in-one omnicommerce payment solution Poynt Processing was developed, which combines payment processing, onboarding and underwriting, instant funding, choice of smart terminal and software bundles, and access to web-based management tools. Our team is excited to take on new projects under the leadership of GoDaddy!
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