Optimal Payments, a provider of comprehensive online payment solutions, has changed its name to Paysafe Group, according to a filing with the London Stock Exchange (LSE), where the company is listed. Following the name change, Paysafe’s ticker will be changed to OPAY.L to PAYS.L. The shares will continue to trade on AIM, the market for smaller companies
“Goal is relevant solutions for every payment eventuality”
The London Stock Exchange also said in its announcement of the change that the current shareholding distribution in the company will not be affected by the name change and all existing share certificates will remain valid. Those issued after November will bear the company’s new name. The change is part of a complete rebranding aimed at better reflecting the company’s place in the global payment processing market, Paysafe said in a press release. Its ultimate purpose, it said, is to offer relevant solutions for every payment eventuality.
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Commenting on the new brand launch, Joel Leonoff, President and Chief Executive Officer of Paysafe said: “At the heart of today’s online business requirements is the need for a robust payment strategy that is both seamless and secure for merchants and customers alike. Merchants face a variety of challenges including the constant evolution of technologies, changing consumer behaviours and a wide variety of currencies.”
Acquisitions move company closer to main LSE market listing
Optimal Payments/Paysafe Group has been seeking entry into the LSE’s main market, and as part of these efforts has been growing its business both organically and through acquisitions. In August the payments and money transfer specialist closed the acquisition of Skrill for $1.2 billion. It also bought a Canadian mobile platform developer, FANS Entertainment, in a bid to expand its product offering by adding analytics services for merchants, allowing them to engage more directly with their customers.
The company booked strong financial results for the first half of 2015, with revenues up by an impressive 40 per cent on an annual basis, EBITDA higher by almost 28 per cent, and net profit up by 18.7 per cent, as Finance Magnates reported in August.