Takeovers and Buyouts
The latest deal news from across the alternative investment space.
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.
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Zurich Insurance Group has acquired Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation. The terms of the acquisition were not disclosed.
The Latin American fintech industry saw two acquisitions this week, one each in Chile and Brazil. Santiago, Chile-based Mercado Libre (NASDAQ: MELI), a POS market player in Latin America, acquired Redelcom. In Brazil, Sao Paulo-based, Advent-backed Ebanx acquired Brazil-based international money transfer firm Remessa Online for $229 million.
London-based fintech Twig describes itself as “the next generation banking, powering the circular economy,” that enables you “to turn your things into cash, instantly.” In a strategic move designed to broaden its offerings, Twig announced Friday its acquisition of Loopster, a marketplace that pays upfront for clean, unwanted clothes. Like Twig, Loopster encourages customers to join the circular economy and close the loop between use and reuse of clothes.
Royal Philips (NYSE: PHG) is making another advance into high technology cardiac diagnostics with its acquisition of Cardiologs, A France-based medical technology company that uses AI and cloud technology for cardiac diagnostics. Philips said the acquisition, the terms of which were not disclosed, was an excellent fit with its existing cardiac care portfolio.
Klarna, the BNPL that is valued as a quadradecacorn, announced today its acquisition of price comparison site PriceRunner to enhance the Klarna app via new features including product reviews, rich product discovery and price comparisons.
Net 1 UEPS Technologies Inc (NASDAQ: UEPS) has agreed to acquire all of South African fintech Connect Group for US$242 million in a bid to expand its market and acquire scale as the biggest fintech platform in the country.
Fintech: Pawn Store Operator FirstCash Acquires BNPL And POS Fintech American First Finance For $1.17B
FirstCash, Inc (NASDAQ: FCFS) operates more than 2,800 retail pawn stores in the U.S. and Latin America and is a retailer and provider of financial services to underserved customers. It announced Thursday its $1.17 billion acquisition of American First Finance (AFF), a financial technology firm, in a bid to enter the buy-now-pay-later (BNPL) business.
PayPal Inc (NASDAQ: PYPL) sounded out Pinterest (NYSE: PINS) recently on a takeover, Bloomberg reported. The two companies are said to have considered a potential price of $70 per listed Class A share.
JPMorgan Chase & Co (NYSE: JPM) has acquired Frank, a very popular college financial planning platform for undisclosed terms. Frank enables students to locate, apply and obtain financial aid, find scholarships, and enroll in online courses. According to CNBC, JPMorgan bought up the fintech to enhance relationships with students and their parents.
Goldman Sachs (NYSE: GS) announced Wednesday its all-stock acquisition of GreenSky (NASDAQ: GSKY), a fintech lender specializing in BNPL home improvement loans, for $2.24 billion. Goldman Sachs said the transaction would help accelerate its efforts to “create the consumer banking platform of the future.”
Three college students launched sweetgreen to offer a solution to a very unpalatable dilemma – eat food that was slow, expensive, and fresh—or fast, cheap, and unhealthy. The result was a fast casual salad chain that used fresh, organic produce and has grown to over 130 restaurants. Sweetgreen announced Tuesday its acquisition of Spyce, a startup with a similar vision for serving healthy and fresh food – only more automated.
Goldman Sachs (NYSE: GS) has agreed to buy all of NN Investment Partners, a Netherlands-based asset manager with $355 billion in assets under management and about $70 billion in assets under advisement. NN Investment Partners is the money management arm of Dutch insurer NN Group NV (AEX: NN) and 75% of its assets under supervision are ESG integrated.
SwoopTalent, an AI-powered platform that combines, analyzes and trains data from disparate human resource (HR) systems and workflows, has been acquired by SAP (NYSE: SAP), the German multinational software maker known for its ERP system. The terms of the transaction were not disclosed.
Mike Cagney-led Figure Technologies announced Tuesday (3 August 2021), its merger deal with Homebridge Financial Services, a mortgage lender which funded more than $25 billion in home loans at the close of 2020. Figure Technologies is on a mission to transform financial services using blockchain technology, particularly the origination, finance, servicing and trade of loans. you know
Jack Dorsey-led Square (NYSE: SQ) announced today (August 2, 2021) its acquisition of Australian fintech and buy-now-pay-later (BNPL) leader Afterpay (ASX: APT) for $29 billion in an all-stock deal. Square will acquire all the outstanding shares of Afterpay at this valuation based on the closing price of Square common stock on July 30, 2021.
Lloyds Banking Group (LON: LLOY) announced Thursday (July 29, 2021) the acquisition of Embark Group, an investment and retirement platform business, for £390 million (US$500 million). Embark will become a wholly subsidiary of Lloyds’ Scottish Widows Group, bringing with it about £35 billion of assets under administration on behalf of 410,000 consumer clients. Jackie Leiper, Managing Director Pensions, Stockbroking & Distribution at Scottish Widows, will become CEO of Embark.
Visa (NYSE: V) announced Thursday its deal to acquire European open banking platform Tink for €1.8 billion ($2.2 billion) as it moves to take advantage of European Union law – the revised Payment Services Directive (PSD2) – which facilitates open banking. The law requires banks to allow access to customer data by registered third-party providers to boost competition.
According to Entrepreneur, Credijusto, the Mexican fintech and lending platform acquired Banco Finterra for about $50 million, in the process bagging a banking license. Banco Finterra specializes in financing solutions for the agri-food sector.
Exscientia, which uses AI to design and create drug candidate molecules satisfying complex therapeutic requirements with revolutionary efficiency, has acquired Allcyte, the Austrian company that uses AI for cancer screening. Exscientia will pay 50 million euros ($60.6 million) in a combination of cash and shares for the acquisition.
Artificial Intelligence: Eye Tracking Company Smart Eye Acquires Emotion Detection Software Firm Affectiva
Affectiva says 9 people are killed every day and 1,000 are injured due to distracted driving. 6,000 people are killed annually due to drowsy driving. Its Affectiva Automotive AI is an In-Cabin Sensing software that measures in real-time the state of the cabin, and that of the driver and occupants in it. Swedish company Smart Eye will acquire Affectiva to gain global leadership in automotive-grade Interior Sensing AI.
Australian fintech Zip (ASX: Z1P) has bought up the entire remaining capital in a Buy-Now-Pay-Later (BNPL) entity each in Europe and the UAE. Zip will pay $140 million for the balance shares in Twisto, which operates in Central Europe, and $21 million for the shares it does not own in Spotii, a BNPL leader in UAE.
Galaxy Digital Holdings Ltd (TSE: GLXY), founded by Michael Novogratz has inked a deal to acquire BitGo Inc for $1.2 billion in cash and stock.
Boden said at the event that Starling now had the wherewithal to buy out another lender. Further, responding to the U.K. Government’s newly-announced fast-track “scale up” visas proposal, she said there was no need for these because home-grown talent was available in plenty within the U.K.