Nuvei Corporation, the global payment technology partner of thriving brands, has entered into a definitive agreement to acquire Mazooma Technical Services, a US-focused gaming and sports wagering payment technology provider.
The deal is worth approximately $56m plus additional consideration subject to the achievement of specific performance criteria - over a maximum three-year period from the closing date - of up to a total maximum consideration of approximately $315m.
Approximately 24 per cent of the consideration is expected to be paid via the issuance of subordinate voting shares with the remainder to be paid in cash. The transaction is subject to the prior approval of the Toronto Stock Exchange as well as customary closing conditions and is expected to close in the second quarter of 2021.
Mazooma is a leading account-to-account payments provider in US online gaming and sports betting and is a registered vendor in nine states, with permission in 12 states, and holds money transmitter licences and exemptions in a total of 47 states.
Mazooma’s Instant Bank Transfer payment solution features same-day automated clearing house for pay-ins and payouts and through a partnership with Plaid is connected to 11,000 financial institutions in the US.
Mazooma is integrated with the majority of US gaming platforms and online gaming and sports betting operators and is expected to process more than $2bn of ACH total volume in 2021.
