Online domain registrar provider GoDaddy agreed on Tuesday to purchase US-based payment processing technology developer Poynt for up to $365m, enabling corporates NAB, US Bancorp and Alphabet to exit.
The deal consists of a $320m up-front cash payment and the possibility of up to $45m in milestone fees.
Founded in 2013, Poynt markets a payment processing operating system that adds merchant functionalities to smart payment card terminals through its software interface and third-party integrations. The company also supplies its own smart processing terminals.
Following the acquisition, Poynt CEO Osama Bedier will join GoDaddy’s management team to lead its newly formed small business commerce unit.
GV, the subsidiary of internet and technology firm Alphabet then called Google Ventures, backed a series A round of undisclosed size for the company alongside Matrix Partners, Webb Investment Network and Nyca Partners in 2014.
The same investors returned the following year in Poynt’s $28m series B round at a $188m valuation. Venture capital fund Oak HC/FT led the round, which included Stanford-StartX Fund, a VC unit aligned to Stanford University.
Poynt subsequently collected $100m in a late 2018 series C round featuring financial services firms NAB and US Bancorp, the latter participating through card processing subsidiary Elavon.