ReviewTechnology

Nexi, the Italian payments giant, buys Germany’s Orderbird for $140-150M to expand its SMB strategy – TmZ.NG

This Article was last updated 6 days ago by Ola

Also Checkout This Trending Articles on TmZ Blog Plastic Surgeries and Implants

Nexi, the Italian payments giant, buys Germany’s Orderbird for $140-150M to expand its SMB strategy – TmZ.NG #Nexi #Italian #payments #giant #buys #Germanys #Orderbird #140150M #expand #SMB #strategy #TmZ.NG Welcome to TmZ Blog, here is the new story we have for you today:

apps

You Can Click Here To View Restricted Videos/Images in this Article

More consolidation is apace in the world of payments: Nexi, the Italian fintech that scooped up rivals Danish-based Nets and then Italy’s SIA to create a $12.5 billion European payments giant, has made another acquisition, this time to dig deeper into financial services for small and medium businesses in the region. It has fully acquired Orderbird, a startup out of Germany that provides point of sale products and related services for restaurants and other businesses in the hospitality industry, with 14,000 active clients.

Terms of the deal are not being disclosed — Nexi notes an “aggregate cash out of ca. €100 million including also previous share purchases” — but sources have confirmed to us that the all-cash deal values Orderbird in the range of €130 million -140 million ($140 million – $150 million). The previous share purchases refers to an existing relationship between the two: Nets already had a stake in Orderbird as a result of an acquisition it had made of payments company Concardis, and it increased that stake to 40% in a secondary transaction in September 2021. At that time, the deal valued Orderbird at €100 million, making today’s price a bump on that.

In addition to payments company Nets/Concardis, Orderbird’s other investors had included Digital+ Partners and Metro Group, and it had raised around $55 million in all.

Orderbird will continue to operate as its own brand, becoming a central part of Nexi’s push into the SMB segment. Current management, which includes CEO Mark Schoen and CSO/founder Jakob Schreyer (pictured below), will also stay on board post-transaction.

From what we understand, Orderbird had been looking at other acquisition offers, including one from another point of sale company, as well as investment options. One of those investment options would have included Toast, the U.S. restaurant point of sale giant, taking stake in the company. Ironically, now it’s become part of a company that will realistically represent an even bigger rival to Toast in Europe (and potentially elsewhere).

Given the state of the public markets at the moment, and the trickle-down effect for later-stage companies finding it challenging to close rounds, the valuation that Orderbird was seeing in those potential deals was first viewed as decent, then not bad at all, to ultimately lucky. Warm is the new hot, it seems.

Follow Us For More

1 2 3Next page

Related Articles

Leave a Reply

Back to top button

AdBlocker Detected

Please disabled your AdBlocker to enable you use our website seamlessly