Takeovers and Buyouts
The latest deal news from across the alternative investment space.
Volvo eyes Waabi’s autonomous trucking technology. Bayer acquires AI Imaging solutions firm Blackford Analysis. Here are two deals recently entered in the AI space.
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Canadian business payments technology provider Nuvei Corporation (NASDAQ: NVEI) has agreed to acquire Paya Holdings (NASDAQ: PAYA), a provider of integrated payment and commerce solutions in the U.S., for about $1.3 billion in an all-cash transaction.
In a sign of the consolidation sweeping across the rapid delivery sector, Istanbul-based online grocery start-up Getir has acquired German competitor Gorillas in a deal valuing the latter at $1.2 billion. Both participants in the deal managed to weather the tech meltdown that decimated valuations at many smaller grocery apps and led to their closure. Combined, the group is valued at $10 billion.
Digital asset platform Bakkt Holdings (NYSE: BKKT) has acquired Apex Crypto, a turnkey platform for crypto trading, for a maximum purchase price of $200 million. Of this, Bakkt will initially pay $55 million in cash upon the closing, and another $45 million in its stock subject to the achievement of certain financial targets by Apex in the fourth quarter of 2022. Depending upon the achievement of another set of financial targets by 2025, Bakkt may pay an additional $100 million in its stock and seller notes.
Treez, an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market, has acquired Swifter, a YC startup from India that builds ACH APIs for cannabis merchants in the US. Swifter calls itself the “Stripe for Cannabis.” Treez said in a statement that Swifter was an attractive investment given its multi-location operating retail cannabis clients and Y Combinator background.
The fact of the Alter acquisition was not made public. TechCrunch reported Thursday that Google (NASDAQ: GOOGL) had made a hush-hush acquisition of Alter, an AI avatar startup that helps developers put avatars into games and apps. The transaction, estimated at $100 million, occurred a couple of months ago but was disclosed only now to…
BNP Paribas (EPA: BNP) announced Tuesday its agreement to acquire Kantox, a leading fintech for automation of currency risk management. Kantox software offers a e-stop-shop, API driven, plug-and-play solution which has emerged as an innovative technology within the B2B cross-border payments sector. Corporates can set up advanced level, automated hedging strategies.
Adobe, (NASDAQ: ADBE) announced it will pay about $ 20 billion in cash and stock to acquire Figma, a collaborative design start-up that was valued at $ 10 billion in its last funding round in 2021. Figma creates cloud-based design software that is a competitor to Adobe’s XD program. The payment consideration of $ 20 billion comprises approximately half cash and half stock subject to usual adjustments.
J.P. Morgan (NYSE: JPM) has taken another step towards further enhancing its payments technology and to build out its next-generation merchant acquiring platform. The banking giant announced the acquisition of Renovite, a payments fintech offering a high-tech suite of payment solutions, for an undisclosed amount.
FinTech: Jupiter Fund Management Looking To Offload Its 10% Stake In Profitable Digital Bank Starling
UK-based Jupiter Fund Management has reportedly asked Citi to find a potential buyer for its 10% holding in Starling Bank, one of the first challenger banks and fintech to become profitable. The stake, said to be worth more than £ 200 million, is held by Jupiter in its UK Mid Cap Fund, as well as other funds.
Social investment network eToro has signed a definitive agreement to acquire options trading platform Gatsby for $50 million. Founded by Co-CEOs and Co-founders Jeff Myers and Ryan Belanger-Saleh in 2018, Gatsby aims for a clientele among younger US investors.
Payments software firm Global Payments (NYSE: GPN) has agreed to acquire payment technology and acquiring solutions firm EVO Payments (NASDAQ: EVOP) for $4 billion in an all-cash transaction valued at $34 per share. The acquisition will allow Global Payments to expand into new territories such as Poland, Germany, Chile, and Greece, as well as scale-up in existing markets, including the United States, Canada, Mexico, Spain, Ireland and the United Kingdom.
GoParrot is an all-in-one digital ordering and marketing platform for restaurants. In a Wednesday blog post, Square, which is part of global fintech Block, Inc. (NYSE: SQ), announced its acquisition of GoParrot, a digital ordering and marketing platform. GoParrot’s advanced marketing software and platform enable restaurants to easily connect and interact with their customers. However,…
Shopify (NYSE: SHOP) announced Thursday its agreement to acquire Deliverr, a logistics network and provider of fulfilment technology, for $2.1 billion. The startup, which was founded in 2017, currently delivers over a million orders per month across the US.
Truist Financial Corporation (NYSE: TFC) has acquired Long Game, a mobile savings gamification app that change how users engage with their bank by using prize-linked savings and casual gaming to motivate smart financial behavior, driving account growth and client retention. The result of a 2019 merger between BB&T and SunTrust, Truist is the sixth-largest bank in the US and has $488 billion of assets. Long Game, founded in 2015, is fintech startup with a team of 12 persons.
In AI deal-making news, Gupshup, India’s San Francisco -headquartered conversational AI platform made yet another acquisition. It acquired AskSid, a conversational artificial intelligence (AI) provider for eCommerce and retail brands, for an undisclosed amount. Separately, space solutions provider Maxar Technologies made a strategic investment in Blackshark.ai, an AI-powered geospatial analytics services specialist.
Brex, a startup focusing on startups, has acquired Pry Financials, a financial planning platform that replaces Excel for founders, helping them plan and manage budgets, create hiring plans, build financial models, predict cash runway, and more, for $90 million.
Here are two interesting deals in AI – one, in tactical decisionmaking, the other in AI-assisted video surveillance. Booz Allen invests in Reveal Technology; Motorola acquires Calipsa
Ziglu, a U.K.-based electronic money institution and cryptoasset firm, allows customers to buy and sell eleven cryptocurrencies, pay using a debit card, and remit money abroad without fees. Robinhood (NASDAQ: HOOD), itself a major cryptocurrency-friendly stock trading app, has acquired Ziglu for an undisclosed sum with the objective of expanding its crypto business internationally, particularly UK and Europe.
Bolt Financial Inc will acquire Wyre Payments Inc in a transaction valued about $1.5 billion, according to Bloomberg, which quoted the WSJ for the deal amount. Both firms announced the takeover today citing the growing adoption of crypto for purchases of goods and services, as well as Web3.
AXS Investments, a leading asset management firm providing investment opportunities in the alternatives space, has acquired a suite of ETFs from Tuttle Capital Management. The six ETFs together have assets under management of $417 million and include the $334 million Tuttle Capital Short Innovation ETF (NASDAQ: SARK), the inverse bet against Cathie Wood’s flagship ARK Innovation ETF (NYSEARCA: ARKK).
Crypto mining company Prime Blockchain, which has over 110 megawatts of installed data center capacity across 12 facilities in North America, has been valued at $1.25 billion for its merger with 10X Capital Venture Acquisition Corp. II (Nasdaq: VCXA), announced Friday. 10X Capital Venture is a special purpose acquisition company (SPAC) sponsored by 10X Capital, focused on identifying high growth technology and tech-enabled businesses domestically and abroad.
Goldman Sachs (NYSE: GS) Asset Management has acquired Next Capital, a technology enabled advisor of retirement solutions offered in partnership with financial services firms that provide a brand-specific user experience, advice delivery and system integration. The terms of the acquisition were not disclosed.
Rocket Companies (NYSE: RKT) announced today its acquisition of Truebill, the personal finance app, for $1.275 billion in cash. The deal will bring Truebill’s 2.5 million members as potential clients to the Rocket platform, and add $100 million in annual recurring revenue to Rocket’s $1.3 billion of annualized servicing fee income.