British online payments company Optimal Payments has acquired Canadian mobile platform developer FANS Entertainment for about $13 million.
A total 3,163,633 of shares in an Optimal Payments subsidiary were issued to the seller, according to a May 28 press release. The consideration shares can be exchanged for Optimal Payments shares on a one-for-one basis over the next three years, some of which are subject to their financial performance.
FANS offers a mobile wallet for venues and content providers. Its platform includes management software and an information and analytics service to provide consumption metrics to clients.
The Montreal-based mobile technology company says it has seen most of its success in the high-profile Canadian sports and entertainment industries, and it also does a lot of business in the gaming industry. Joel Leonoff, president and CEO of Optimal Payments, framed the deal as one that would strengthen its position in the mobile sector of the payments industry as well as the events market.
"We have been looking for an acquisition to enhance mobile expertise such as the FANS Platform that complements our existing services for some time," he said in the press release. "Through FANS, Optimal Payments will be able to offer innovative value-added mobile payment services globally to customers and merchants in all of our vertical markets."
The FANS management team will remain in place after the move, said Benoit Fredette, founder and CEO of FANS, in the release.