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Sydney-based fintech EzyPay will be changing hands almost three decades after it was founded by its chairman George Holman after Atlanta-based Xplor Technologies announced a definitive agreement to acquire the Australian payments processing group for an undisclosed sum.
EzyPay CEO James Foster will continue to lead the company post-transaction, expected in December, with the team joining the Xplor Pay division.
"We are thrilled to be joining Xplor Technologies as a trusted growth platform in the Asia-Pacific region," says Foster.
"Just like Xplor Pay, we work with innovative technology platforms and leading SaaS (Software as a Service) companies to tailor embedded payments solutions for business growth - so I'm excited about the opportunities we will bring to Xplor Technologies and its customers."
Xplor Pay president Matt Morrow says the acquisition will enhance the group's ability to serve SaaS platforms operating in the Asia Pacific region, "helping them generate more revenue and scale their operations effectively".
"Our decision to acquire Ezypay underscores our commitment to providing best-in-class subscription management and embedded payments solutions, and enabling businesses to expand internationally," he says.
Now with more than 106,000 customers and US$38 billion in payments processed across 20 markets last year, Xplor is also in the midst of a merger with Cincinnati-based Clubessential Holdings - a deal announced on 16 September that is expected to lift customer numbers to more than 130,000 with US$47 billion in annual processing volume.
The combined organisation will continue to be majority-backed by Xplor’s majority owner Advent International, a leading global private equity investor, with Clubessential Holdings’ backers Battery Ventures and Silver Lake continuing as significant minority investors and active members on the board.
Since it was founded in 1996, EzyPay has built a reputation as a leading subscription and one-off payment collection solution across the Asia Pacific region, with an active presence in the markets of Australia, New Zealand, Singapore, Malaysia, the Philippines, Hong Kong, Taiwan, Indonesia, Thailand and South Korea.
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