Optimal Payments expands mobile services with FANS Entertainment acquisition

Online payments solutions provider, Optimal Payments has confirmed the acquisition of Montreal based platform developer Fans Entertainment INC for a sum of CAD $ 16 million (£9 million).

Issuing a corporate statement, Optimal Payments detailed that it had issued 3,163,633 of shares to the sellar. The consideration shares can be exchanged for Optimal Payments shares on a one-for-one basis over the next three years

FANS is a mobile wallet specialist for venues and content providers, the acquired firm has a number of high profile payment partnerships with Canadian sports teams and entertainment centres, including NHL ice hockey team the Montreal Canadians.

The acquisition will further strengthen Optimal Payments service offerings for the mobile payments sector.

Commenting on the acquisition Joel Leonoff, President and CEO, Optimal Payments stated

We have been looking for an acquisition to enhance mobile expertise such as the FANS Platform that complements our existing services for some time, and to find the ideal technology and team here on our doorstep in Montreal is fantastic. Through FANS, Optimal Payments will be able to offer innovative value-added mobile payment services globally to customers and merchants in all of our vertical markets,”

We will be able to build on its mobile technology and accelerate Optimal Payments’ growth as an industry leading mobile payments provider.”