Payoneer acquires Singapore payroll co Skuad

Payoneer credit: Primakov Shutterstock
Payoneer credit: Primakov Shutterstock

The Israeli fintech company will pay $61 million cash and up to $20 million in future milestone payments.

Israeli fintech company Payoneer Global (Nasdaq: PAYO) has announced the acquisition of Singapore global workforce and payroll management company Skuad. Payoneer says the acquisition accelerates its strategy to deliver a comprehensive and integrated financial stack for SMBs that operate internationally.

Payoneer will pay $61 million cash for Skuad, subject to adjustments, and up to an additional $20 million of future payments in cash and equity that are contingent upon reaching performance and tenure milestones.

Payoneer has developed a payments platform for suppliers and service providers. The company is traded on Nasdaq with a market cap of about $2.3 billion after completing a SPAC merger three years ago at a company valuation of $3.3 billion, during the tech boom in 2021. However, after today’s acquisition announcement and financial results, the company’s share price is up 19.24%.

Payoneer CEO John Caplan said, "We are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs. We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally."

Payoneer made the acquisition announcement together with its second quarter financial results. Revenue was $239.5 million, up 16% from the corresponding quarter and net profit was $32.4 million, down 29%. The company raised its guidance and now forecasts revenue of $920-930 million and adjusted EBITDA of $225-235 million.

Published by Globes, Israel business news - en.globes.co.il - on August 7, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Payoneer credit: Primakov Shutterstock
Payoneer credit: Primakov Shutterstock
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