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Neovia Buys Optimal PaymentsPublished January 25, 2011
Canadian players to enjoy better payment solutions.
Neovia Financial plc, an online payment processor, recently announced its acquisition of Optimal Payments at a cost of $50 million.
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Optimal is a Canadian-based online payments business which targets American and European customers and reportedly processes more than $2.5 billion each year in transactions.
Thus, Neovia is looking forward to dramatically diversifying its customer base as a result of the acquisition in addition to widening its existing processing abilities.
"This acquisition provides a highly complementary fit for our stored value business and is absolutely aligned with the 'twin pillars' strategy we outlined last year," said Neovia president and CEO Mark Mayhew.
It has been agreed that the president and CEO of Optimal Payments, Joel Leonoff, will join Neovia's board as an executive director once the purchase is fully completed and will serve as co-CEO together with Mayhew. Further, Neovia is considering changing the name for the company from Optimal Payments Plc to OPAY.L.