Nuvei Corporation the global payment technology firm, has entered into a definitive agreement to acquire Mazooma Technical Services, a US-focused gaming and sports wagering payment technology provider.
The deal is set to be going ahead for approximately $56 million plus additional consideration subject to the achievement of specific performance criteria, over a maximum period of three years, from the closing date, of up to a total maximum consideration of approximately $315 million.
Philip Fayer, Nuvei’s chair and CEO commented: “Mazooma will enhance and expand Nuvei’s portfolio of alternative payment methods with a leading ACH platform with both pay-in and pay-out functionality, developed and used exclusively for online gaming in the U.S.
“Because of low credit card acceptance rates, ACH is a must-have capability and solution in payments for online gaming and sports betting operators today. Additionally, this acquisition will not only give Nuvei the necessary product functionality, but also the vendor registration, compliance, and operational infrastructure to address merchant’s requirements in any regulated U.S. state. This acquisition will truly solidify our commitment to and presence in the U.S. online gaming and sports betting industry.”
The deal significantly expands the presence of Nuvei in the US, with Mazooma a specialist account-to-account payments provider in the region, with it being integrated with the majority of U.S. gaming platforms and online gaming and sports betting operators, as well as being expected to process more than $2 billion of ACH total volume