Linkly, an Australia and New Zealand provider of payment integration technology, has announced a multi-million dollar deal with Premier Technologies.
According to a statement, the acquisition deal is estimated to triple the company's value and gain market share in the online payment space, enabling the company to position itself as a leader in end-to-end payments and omni-channel solutions.
Linkly will acquire Premier Technologies payment platforms including MerchantSuite, sold through some of Australia's big four banks and direct to market. As part of the agreement, Linkly will also see its workforce increase to almost 100 staff.
Backed by technology-focused private equity firm, Potentia Capital, Linkly currently handles more than two billion in-store transactions annually, a significant portion of the total transactions made across Australia and New Zealand.
With the signing of the deal, the company is on track to handle more than four billion online and physical payments in the coming year, Linkly states.
Linkly will gain control of Premier Technologies payments clients and contracts as part of the transition, along with more than 50 staff across its Sydney, Melbourne and Singapore offices developing a presence for Linkly in Asia.
In addition, through the acquisition, Linkly will become the only Australian-owned acquirer-agnostic payment provider that allows merchants to use the bank of their choice while implementing Linkly payment solutions, ensuring that their banking and payments are intricately linked.
Speaking about the deal, Linkly CEO Anthony Chalhoub says, “The online space has long been a focus for us, having established ourselves as the leading payment provider to brick and mortar stores.
"This acquisition allows us to offer our customers the complete package of physical and online payment capabilities, as well as a true omni-channel proposition.
“During the pandemic, there's been an exponential growth in the number of online payments being made, and this is a perfect time for us to make a move into the space.
"We predict online payments will continue to grow as consumer behaviour shifts towards online purchasing. Through the deal, we now have both online and offline covered for our customers.
Following the acquisition, Linkly is also looking to expand into other geographies.
Chalhoub says, "We're looking forward to integrating the members of the Premier payments team, who have been so instrumental to the success of the company over the years, into the Linkly family in the coming weeks.
"Our focus will be to ensure this is a smooth transition undertaken in a safe and responsible manner given the current climate. The move into the Asian market is a first for Linkly but one that is crucial to its ongoing expansion plans.
"Much like the Australian market, Asia has seen a boom in online spending as a result of the pandemic. It's exciting for us to be moving into Asia, especially given how well the Asian market has been performing.
"We're looking to grow our Asian operations further in the near future, as part of our ongoing innovation strategy and expansion plan that will also see us move into other global markets."
This is the second sizeable acquisition Linkly has made in the last 12 months, following a significant investment from Potentia Capital in 2019.