Sydney-based fintech EzyPay, founded nearly 30 years ago by chairman George Holman, is set to change ownership.
Atlanta-based Xplor Technologies has announced a deal to acquire the Australian payments processing company for an undisclosed amount.
EzyPay CEO James Foster will continue to lead the company after the deal, expected in December, with the team becoming part of Xplor Pay.
“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.
Xplor currently serves over 106,000 customers and processed US$38 billion in payments across 20 markets last year.
The company is also merging with Cincinnati-based Clubessential Holdings. This deal, announced on 16 September, is expected to increase Xplor’s customer base to more than 130,000 and annual payment processing to US$47 billion.
The combined company will remain majority-owned by Advent International, Xplor’s main investor and a leading global private equity firm.
The investors of Clubessential Holdings, Battery Ventures and Silver Lake, will stay on as important minority investors and active members of the board.
Founded in 1996, EzyPay has become a trusted provider of subscription and one-time payment solutions across the Asia Pacific. The company operates actively in Australia, New Zealand, Singapore, Malaysia, the Philippines, Hong Kong, Taiwan, Indonesia, Thailand, and South Korea.
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