It’s not often that an acquiring company takes the name of its acquisition target, but that is the case in a deal announced this week between two CNP payment providers. E-commerce platform Avangate, which specializes in subscription billing, acquired online payment provider 2Checkout and the combined company will retain the 2Checkout brand, despite operating under the leadership of Avangate CEO Alex Hart. The companies said 2Checkout’s payment options and ability to localize for cross-border transactions combined with Avangate’s subscription offering will enable merchants to take payments globally and flexibly.
“The ability to sell products and services all over the world, both in-country and cross-border, and to use as much or as little of the platform as the client desires, is the driving force behind the combination,” said Hart. “The resulting company creates a unique offering in the marketplace, bringing added scale and flexibility that will help merchants further accelerate revenue growth. The acquisition of 2Checkout will enhance Avangate’s ability to simplify the complexity of selling products and services globally, whether via one-time purchases or recurring transactions.”
Financial terms of the acquisition were not disclosed.
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