Nuvei

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Nuvei Corporation
TypePublic
TSX: NVEI
TSX: NVEI.U in USD
Industry
Founded2003; 18 years ago (2003)
FounderPhilip Fayer
Headquarters
Montreal, Quebec
,
Canada
Area served
Worldwide
RevenueIncrease US$375 million (2020)[1]
Increase US$-70 million (2020)[1]
Total assetsIncrease US$2.24 billion (2020)[1]
Total equityIncrease US$1.46 billion (2020)[1]
Number of employees
1,000
Websitenuvei.com

Nuvei (formerly Pivotal Payments) is an electronic payment processing company. The Montreal-based company is Canada's largest private and non-bank payment processor.[2] The company went public in September 2020 with a $700 million initial public offering on the Toronto Stock Exchange.[3]

As of August 2021, the company is worth US$18.6 billion.[4][5]

History[]

Nuvei was established in 2003 by Philip Fayer.[6] Fayer founded the company while taking some time off from attending Concordia University.[6] The company offered electronic payment processing and merchant services for point of sale and online businesses.[6] Since its founding, Nuvei has expanded significantly, acquiring clients and other similar operations through acquisitions.[6]

In 2006, the company gained an investment from Goldman Sachs totaling CA$60 million.[2] Goldman Sachs funded its acquisition strategy which helped the company execute several acquisitions by 2010.[6] By then the company had grown to about 300 employees in Canada and the United States and reported a yearly revenue of CA$150 million.[7]

In September 2017, Montreal-based private equity firm Novacap and the public pension fund manager Caisse de dépôt et placement du Québec announced a joint investment in the company. During the funding series, the two investment firms valued the company at CA$525 million (US$424 million). [8]

In May 2019, Nuvei stated its intentions to make an offer to purchase SafeCharge.[9]

In August 2019, Nuvei completed its acquisition of SafeCharge for CA$1.1 billion (US$889 million), based on the price of  US$5.55 for each SafeCharge share, representing a 25% premium to the London-listed company's stock.[10][11]

In September 2020,[12] Montreal payments-processing company Nuvei Corp. soared in its debut as a public company after raising US$700 million in the largest technology initial public offering ever on the Toronto Stock Exchange. Nuvei stock, which is quoted in Canadian and U.S. dollars, opened at C$45.25 and US$34 as it began trading on an “if, as and when issued” basis just before formal launch. That’s more than 30 percent higher than its US$26 issue price. The stock closed at C$45.05, giving Nuvei a market capitalization of C$5.7 billion – and making it one of Canada’s most valuable publicly traded technology companies.

The combined organization processes over $34 billion in annual transaction volume from clients across the globe.

Management Team[]

  • Philip Fayer - Chairman & CEO
  • David Schwartz - Chief Financial Officer
  • Mark Pyke - President, North America
  • Yuval Ziv - Managing Director, Digital Payments
  • Keith Birdsong - Chief Technology Officer
  • Ed Garcia - Chief Operating Officer
  • Motie Bring - Chief Commercial Officer, Digital Payments[13]

References[]

  1. ^ Jump up to: a b c d "Nuvei" (PDF). Nuvei. Retrieved April 7, 2021.
  2. ^ Jump up to: a b Bourdeau, Réjean (October 19, 2009). "Pivotal Payments: petite entreprise et grand marché". La Presse (in French). Retrieved January 10, 2018.
  3. ^ "Payment firm Nuvei launches on Toronto Stock Exchange Thursday in most valuable tech IPO in TSX's history". CBC News. September 17, 2020.
  4. ^ Reuters Staff (September 1, 2020). "Payment tech firm Nuvei files for $500-$600 million IPO in Canada". Reuters. Retrieved March 17, 2021.
  5. ^ "Canadian payment firm Nuvei makes history with most valuable tech IPO ever on TSX | CBC News". CBC. Retrieved March 17, 2021.
  6. ^ Jump up to: a b c d e Martin, Megan (April 7, 2010). "Thinking small forges big payoff". National Post. Retrieved January 10, 2018.
  7. ^ Marcoux, Aude Marie (August 12, 2010). "Philip Fayer, un leader fonceur". Les Affaires. Retrieved January 10, 2018.
  8. ^ Mason, Quinn (September 27, 2017). "La Caisse and Novacap make joint investment, value Pivotal Payments at $525 million". Montreal in Technology. Retrieved January 10, 2018.
  9. ^ Nuvei (May 28, 2019). "Canadian payments technology firm Nuvei announces a firm intention to make an offer for AIM traded SafeCharge for US$889 million". GlobeNewswire News Room. Retrieved November 17, 2019.
  10. ^ "Canadian payments firm Nuvei acquires SafeCharge for $889 million". mobilepaymentstoday.com. August 1, 2019. Retrieved November 17, 2019.
  11. ^ "Nuvei completes acquisition of SafeCharge for US $889 million, strengthening its global payment technology and reach". The Canadian Business Journal. August 1, 2019. Retrieved March 20, 2020.
  12. ^ September 2020 IPO
  13. ^ "Nuvei Hires Motie Bring as Chief Commercial Officer". financemagnates. June 4, 2020. Retrieved June 30, 2020.

External links[]

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