GoDaddy to buy payments processor Poynt in $365 mn deal

Web hosting company GoDaddy has decided to acquire California-based payments processor Poynt in a $365 million deal.
GoDaddy India business
Poynt is headquartered in Palo Alto, Calif., with international headquarters in Singapore, and is backed by Elavon, Google Ventures, Matrix Partners, National Australia Bank, NYCA Partners, Oak HC/FT Partners, Stanford-StartX Fund, and Webb Investment Network.

Poynt in November 2018 announced $100 million Series C raise, including strategic partners Elavon and National Australia Bank (NAB). Poynt aims to use the VC funding to expand into new markets across Asia, Europe and South America, grow its talent base, and invest in product and partner development.

The acquisition will help the Internet names and registrations management major to expand commerce services with integrated payments.

GoDaddy CEO Aman Bhutani said: “Poynt accelerates our strategy to provide commerce and payment services to address customer need and focus on a large addressable market opportunity.”

Poynt CEO Osama Bedier will join the GoDaddy leadership team and lead a new commerce division.

Integrating Poynt with GoDaddy’s websites, marketing and WordPress commerce services will enable small businesses to boost sales and customer satisfaction by bridging both online and offline shopping experiences.

Poynt is used by more than 100,000 merchants with over $16 billion in annual Gross Merchandise Volume (GMV).

Poynt offers a suite of products needed for small businesses to sell and accept payments anywhere — spanning point-of-sale (POS) systems, payments, invoicing, loyalty and rewards programs, and transaction management.