Fintech provider Linkly acquires Premier Technologies
An Australian and New Zealand based provider of payment integration technology has announced it is acquiring Premier Technologies in a multi-million dollar deal. The acquisition of Premier Technologies will allow Linkly to offer its customers the complete package of physical and online payment capabilities, in addition to a true omnichannel proposition.
Linkly Takes Over Premier Technologies
According to Linkly CEO Anthony Chalhoub, the online space has been a focus for the company for a long time as they have established themselves as the leading payment provider to brick and mortar stores. As online payment transactions have witnessed exponential growth during the pandemic, Chalhoub believes this is the perfect time for them to make a move into the space. He predicts that online payments will continue to increase as consumer behaviour shifts towards online purchases. Due to this lucrative deal, Linkly has now covered both online and offline markets for its customers.
According to Chalhoub’s statement, the acquisition deal is estimated to triple Linkly’s value as well as gain market share in the online payment space. This will enable the company to position itself as a leader in omnichannel solutions and end-to-end payments. Linkly is all set to gain control of Premier Technologies payments’ clients and contracts through this transition. This also includes over 50 staff across its offices in Melbourne, Singapore and Sydney, thereby developing a presence in Asia.
Linkly’s Expansion Plans
Following the acquisition of Premier Technologies, Linkly is looking to expand into other geographical locations. Chalhoub said the company is looking forward to integrating members of the Premier payments team into the Linkly family in the next few weeks.
Currently, the company’s focus is to ensure a smooth transition safely and responsibly due to the current climate. This move into the Asian market will be a first for Linkly, being a crucial part of its ongoing innovation strategy and expansion plan to enter other global markets. This is Linkly’s second sizeable acquisition in the last year, following a substantial investment from Potentia Capital in 2019.
At present, Linkly handles more than two billion in-store transactions annually with a significant portion of the total transactions made across Australia and New Zealand. It is backed by a technology-focused private equity firm, Potentia Capital. Through this deal, Linkly will acquire Premier Technologies’ payment platforms which includes MerchantSuite. MerchantSuite will be sold through some of Australia’s big four banks and direct to market.
Linkly’s workforce will also see its workforce increase to almost 100 staff as per the agreement. The company claims that after signing, it will be on track to handle more than four billion physical and online payments in the coming year. Additionally, Linkly will also become the only Australian-owned acquirer-agnostic payment provider which will allow merchants to opt for their bank of choice while implementing Linkly’s payment solutions. This will ensure the intricate linking of their banking and payments.
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