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Playtech Founder Teddy Sagi is set to IPO another of his business ventures – online payment provider SafeCharge.
Sagi is the main shareholder of the payment provider with 90% of the company’s shareholding. SafeCharge is set to offer its initial IPO on the London Alternative Investment Market (AIM), with a view of raising $100m in new equity for future acquisitions, new product inventory and operational growth to its business.
The UK Financial Times reports that Sagi will dilute his shares in the company to 60%, offering a share offering in SafeCharge of 30%. The business source forecasts that post flotation the payment operator will have a market capitalization of + £200m.
Safecharge has a strong focus on providing quick payment and withdrawal solutions to igaming operators. Currently the payment operator processes 300 transactions per second. In 2013 the company reported that it had processed over $5bn in online payment transactions.
Revenues from its 2013 corporate yearly audit, were posted at $ 43.1 million (£25.9 million), with revenue performance up 32% from 2012 results. Furthermore SafeCharge in 2013 posted EBITA revenues of $11.2 m (£6.83 million) profit.
Safecharge has gained a ‘principal payment supplier’ status with Mastercard and Visa, which enables it to act as an acquirer for clients as well as payment providers. SafeCharge’s chairman is Roger Withers, a previous Playtech chairman, and among the non-executive directors is Ed Warner from Panmure Gordon.
