On May 17, 2018, the digital payments firm, PayPal declare to buy Swedish online commerce startup that sells mobile credit card readers and other payment platforms iZettle for $2.2 billion. It is the biggest acquisition in the history. A deal between PayPal and iZettle came as the young company was poised for a stock market debut.
PayPal chief executive Dan Schulman said, “Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile.”
A unit of eBay, PayPal stated that it’s the biggest acquisition to date would strengthen its platform for handling payment transactions at small businesses and the company’s stock jumped nearly 2% when reports of the deal raised. PayPal operates in more than 200 countries across the world. The company declared that IZettle expects to generate $165 million revenue in 2018.
A Swedish online commerce startup provides mobile card readers and other digital payment products to small businesses. The acquisition will expand PayPal in different countries such as France, Germany, Italy, Mexico, Brazil, Denmark, Finland, Sweden, Norway and Spain.
iZettle chief executive Jacob de Geer said, “Combining our assets and expertise with a global industry leader like PayPal allows us to deliver even more value to small businesses to help them succeed in a world of giants.”
Back in 2002, eBay acquired PayPal however, roll it off in 2015 yet had kept on utilizing its administrations for online exchanges.