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Nuvei

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Nuvei Corporation
TSX: NVEI
IndustryFinancial services
Founded2003; 21 years ago (2003)
FounderPhilip Fayer
Headquarters
Montreal, Quebec
,
Canada
Websitenuvei.com

Nuvei (formerly Pivotal Payments) is a electronic payment processing company. The Montreal-based company is Canada's largest private and non-bank payment processor.[1] The company went public in September 2020 with a $700 million initial public offering on the Toronto Stock Exchange.[2]

As of a September 2017 valuation, the company is estimated to be worth US$424 million and processes over $14 billion in transactions annually.[3][4]

History

Nuvei was established in 2003 by Philip Fayer.[5] Fayer founded the company while taking some time off from attending Concordia University.[5] The company offered electronic payment processing and merchant services for point of sale and online businesses.[5] Since its founding, Nuvei has expanded significantly, acquiring clients and other similar operations through acquisitions.[5]

In 2006, the company gained an investment from Goldman Sachs totaling CA$60 million.[1] Goldman Sachs funded its acquisition strategy which helped the company execute several acquisitions by 2010.[5] By then the company had grown to about 300 employees in Canada and the United States and reported a yearly revenue of CA$150 million.[6]

In September 2017, Montreal-based private equity firm Novacap and the Canadian government-owned investment firm Caisse de dépôt et placement du Québec announced a joint investment in the company. During the funding series, the two investment firms valued the company at CA$525 million (US$424 million). [3]

In May 2019, Nuvei stated its intentions to make an offer to purchase SafeCharge.[7]

In August 2019, Nuvei completed its acquisition of SafeCharge for CA$1.1bllion (US$889 million), based on the price of  US$5.55 for each SafeCharge share, representing a 25% premium to the London-listed company's stock.[8][9]

The combined organization processes over $34 billion in annual transaction volume from clients across the globe.[10]

Management Team

  • Philip Fayer - Chairman & CEO
  • David Schwartz - Chief Financial Officer
  • Mark Pyke - President
  • Yuval Ziv - MD of SafeCharge and Head of Global Acquiring
  • Keith Birdsong - Chief Technology Officer
  • Ed Garcia - Chief Operating Officer
  • Motie Bring - Chief Commercial Officer.[11]

References

  1. ^ a b Bourdeau, Réjean (October 19, 2009). "Pivotal Payments: petite entreprise et grand marché". La Presse (in Canadian French). Retrieved January 10, 2018.
  2. ^ "Payment firm Nuvei launches on Toronto Stock Exchange Thursday in most valuable tech IPO in TSX's history". CBC News. September 17, 2020.
  3. ^ a b Mason, Quinn (September 27, 2017). "La Caisse and Novacap make joint investment, value Pivotal Payments at $525 million". Montreal in Technology. Retrieved January 10, 2018.
  4. ^ Nagarkatti, Karan (September 27, 2017). "Caisse, Novacap to Invest in Quebec-Based Payment Processor Pivotal". US News & World Report. Retrieved January 10, 2018.
  5. ^ a b c d e Martin, Megan (April 7, 2010). "Thinking small forges big payoff". National Post. Retrieved January 10, 2018.
  6. ^ Marcoux, Aude Marie (August 12, 2010). "Philip Fayer, un leader fonceur". Les Affaires. Retrieved January 10, 2018.
  7. ^ Nuvei (May 28, 2019). "Canadian payments technology firm Nuvei announces a firm intention to make an offer for AIM traded SafeCharge for US$889 million". GlobeNewswire News Room. Retrieved November 17, 2019.
  8. ^ "Canadian payments firm Nuvei acquires SafeCharge for $889 million". mobilepaymentstoday.com. August 1, 2019. Retrieved November 17, 2019.
  9. ^ "Nuvei completes acquisition of SafeCharge for US $889 million, strengthening its global payment technology and reach". The Canadian Business Journal. August 1, 2019. Retrieved March 20, 2020.
  10. ^ "Canadian PayTech Nuvei names new Head of Global Acquiring". IBS Intelligence. November 1, 2019. Retrieved November 17, 2019.
  11. ^ "Nuvei Hires Motie Bring as Chief Commercial Officer". financemagnates. June 4, 2020. Retrieved June 30, 2020.{{cite web}}: CS1 maint: url-status (link)
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