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PayPal buys TIO Networks

PayPal corporate logo, PayPal buys TIO Networks
PayPal logo
The Vancouver-based bill-pay processor joins PayPal as the result of a $233 million transaction. TIO operates around 900 bill payment kiosks in North America, claiming no less than 14 million consumer bill pay accounts.

PayPal has just acquired another small company, namely the Canadian cloud-based multi-channel bill payment processing company known as TIO Networks.

According to the official press release, the transaction has an approximate equity value of $233 million USD. The value of the purchase represents $2.56 USD per share - 25.2 percent more than the 90-trading day volume weighted average price as of February 13.

TIO Networks is a leading payment processor in North America, with over $7 billion USD in consumer bill payments processed in FY 2016. The company provides services to 14 million consumer bill pay accounts, offering support for over 10,000 billers. At last, TIO has around 900 self-service kiosks and approximately 65,000 retail walk-in locations, as well as mobile and web-based solutions.

"By acquiring TIO and integrating bill payment into our global payments platform, PayPal adds another key service in our efforts to become a part of a consumer’s everyday financial life," says PayPal's president and CEO Dan Schulman.

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Codrut Nistor, 2017-02-15 (Update: 2017-02-15)
Codrut Nistor
Codrut Nistor - News Editor
Although I have been writing about new software and hardware for almost a decade, I consider myself to be old school. I always enjoy listening to music on CD or tape instead of digital files and I will not even get into the touchscreen vs physical keys debate. However, I also enjoy new technology, as I now have the chance to take a look at the future every day. I joined the Notebookcheck crew back in 2013 and I have no plans to leave the ship anytime soon.