Optimal acquires mobile developer FANS
Payment processor snaps up Montreal-based mobile platform developer for $13m to "further strengthen" its position in the mobile payments sector
Optimal Payments has snapped up mobile platform developer FANS Entertainment for US$13m (£8.5m) as part of a strategy to improve its mobile payments offering.
FANS supplies a white-label mobile platform to venues, arenas and content providers to help them engage and monetise consumers, with clients across the sports and entertainment sectors.
Optimal said the acquisition “further strengthens” its position in the mobile payments sector and also provides an entry point into the events market.
“We have been looking for an acquisition to enhance mobile expertise such as the FANS platform that complements our existing services for some time,” Joel Leonoff, Optimal CEO, said.
“Through FANS, Optimal Payments will be able to offer innovative value-added mobile payment services globally to customers and merchants in all of our vertical markets.
“We will be able to build on its mobile technology and accelerate Optimal Payments’ growth as an industry leading mobile payments provider,” he added.
The acquisition will be funded entirely through issuing shares in a subsidiary of Optimal Payments, and the FANS management team, led by founder and CEO Benoit Fredette, will remain in place.
The news comes just months after Optimal Payments announced it would acquire rivals Skrill for 1.1bn.