PayPal buys TIO Networks
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.