Victoria – October. 1, 2015 – Beanstream Internet Commerce, Inc. a Victoria-based Payment Services Provider, today announced the closing of an acquisition by the Swedish fintech innovator, Bambora Group.
Beanstream – a provider of omni-channel payment processing, risk management and authentication services – was formally a wholly owned subsidiary of Digital River. The acquisition of Beanstream is a result of Bambora’s ambition to become a global player with a launch point in North America.
“Beanstream will continue to serve merchants in North America and the UK with credit card, debit card and bank transfer solutions but will now also be able to access a vast array of services from other members of the Bambora family” said Craig Thomson, President of Beanstream and Managing Director of Bambora North America.
“Bambora has acquired some of the world’s best payment innovators and now controls the full value chain in the payment lifecycle from the terminal / website through to settlement to the merchant. This is a tremendous differentiator in the market and allows merchants globally to work with a single service provider for all of their payment needs”.
William Blair, a global investment banking firm with 16 offices across 5 continents, acted as the financial advisor for Beanstream. The terms of the transaction were not disclosed.
About Beanstream Since 2000, Beanstream has provided payment, risk management and authentication solutions to some of North America’s leading companies and institutions. Beanstream has forged relationships with major financial institutions, built a network of more than 700 partners and 22,000 merchants, and provides white label solutions for First Data Canada, TD Bank and Sage Payroll. Customers include online and brick-and-mortar merchants, governments, and financial and higher education institutions. Beanstream is located in Victoria, British Columbia, Canada.
About Bambora Bambora Group is one of the fastest growing providers of online payment transactions with business in Europe, Australia, New Zealand and North America. Bambora consists of a consolidation of innovative payment technology companies, including Samport, MPS, ePay, DK Online, Keycorp, dSAFE, Euroline and IP Payments. The group processes more than $50 billion in transaction value a year, of which more than 70 percent is online. Bambora has 520 employees with offices in seven countries. The Bambora Group is owned by Nordic Capital Fund VIII.