Posted on 02/22/2016 at 13:37
Wirecard acquires Brazilian online payment service provider
Wirecard has acquired all shares of the Brazilian company Moip
Today Wirecard AG has acquired all shares of the Brazilian company Moip Pagamentos S.A. (MOIP).
Moip Pagamentos S.A., with more than 150 employees at its location in Sao Paulo, is a fast growing internet payment service provider on the Brazilian market that was founded eight years ago.
Moip has developed a leading payment platform for small and medium sized retailers over the last few years and focuses, in particular, on marketplaces and companies with direct sales with its innovative end-to-end solutions. The automated on-boarding process for all retailers, the bundling of money flows from national acquiring networks and a product portfolio featuring alternative payment processes for the Brazilian market have contributed to the dynamic growth of the company. Payment guarantees and buyer protection functionalities supplement the Moip solution. In addition, the Moip solution will expand the Wirecard payment platform to include further alternative payment processes.
“Through its focus on innovation, Moip has become the independent payment solution of choice in the Brazilian market for e-commerce, marketplaces and companies (SMBs). During the fourth quarter of 2015 the Company surpassed the threshold of BRL 1 billion in annual TPV (total payment volume) serving close to 100.000 customers in Brazil” commented Igor Senra, CEO and founder of Moip. “The acquisition by Wirecard qualifies Moip to reach broader markets in Latin America not only by a stronger financial structure, but also with a brought technological product offering in the next few years.”
“With our entry into the Brazilian market we are continuing our global expansion. As of now, it will also enable us to roll out our payment and issuing product lines in Latin America. The highly automated and efficient solutions for the SMB market were what convinced us about Moip”, commented Wirecard CEO Markus Braun.
The considerations in connection with this transaction comprise cash payments of EUR 23.5 million. Further earnout payments totalling up to EUR 13.5 million are connected to the achievement of certain financial results by Moip in the 2016, 2017 and 2018 fiscal years.
An EBITDA of EUR 2.2 million is expected for the 2016 calendar year. In addition, one-off integration costs of around EUR 0.5 million are expected in 2016.
The sellers are the majority shareholder Ideiasnet S.A., a Venture Capital fund that invests in Brazilian technology companies, as well as a number of founders and managers who remain as part of the management team of Moip.Download Press Release
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