The purchase of Online Payments Group will bolster Shift4’s international expansion plans, the company’s CEO said last week.
Integrated payments company Shift4 acquired the Swiss company Online Payments Group for $125.9 million in September, according to its most recent quarterly filing with the Securities and Exchange Commission.
Allentown, Pennsylvania-based Shift4’s acquisition of the European payment service provider arms the payments company with capabilities that further its global ambitions, CEO Jared Isaacman said last week. Shift4 paid a mix of cash and stock, including potential contingent payments, for the acquisition, according to the filing.
Shift4 specializes in offering payments services to the restaurant, hospitality, sports stadium, and casino industries, pitting it against rivals Toast and FreedomPay, among others, in those sectors. Specifically, 100,000 restaurants now use Shift4 payments technology, Isaacman said during an appearance Wednesday at the Credit Suisse annual technology conference.
With the Online Payments Group acquisition, Shift4 aims to compete with other major payments companies such as Stripe and Adyen, Isaacman suggested.
Shift4 had about 1,753 employees as of the end of last year, per the company’s annual filing. Nate Hirshberg, Shift4’s VP of marketing, declined to comment on Online Payments Group’s headcount, but said in an email that Shift4 expects to grow the Online Payments Group team.