Web hosting provider and domain registrar GoDaddy announced the acquisition of payments processor Poynt for $320 million upfront and up to $45 million in deferred payments. The transaction is expected to close in the first quarter of 2021.
Enabling small businesses to sell everywhere
Poynt offers in-store and online payment processing for merchants, as well as virtual terminal services for phone and keyed-in payments. With this acquisition, GoDaddy will have a greater connection to merchants that use its Websites + Marketing platform and WordPress/WooCommerce. In addition to this, it brings GoDaddy to physical stores through the point of sale terminals.
GoDaddy’s CEO Aman Bhutani talked about the acquisition, saying,
“Commerce is critical to our customers and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell everywhere. Poynt accelerates our strategy to provide a complete suite of commerce and payment services to address this critical customer need and focus on a large addressable market opportunity.”
Poynt CEO Osama Bedier will join GoDaddy and lead a new Commerce Division. The acquisition is expected to contribute more than $150 million of bookings in 2023, according to GoDaddy.