Checkout.com will add Icefire’s 110 technology engineers to its global technology teams to deliver an expansive product roadmap
UK-based payments solutions provider Checkout.com has acquired Estonian software development firm Icefire for an undisclosed amount.
Icefire is focused on developing financial services solutions, and has worked for Skype, OP Financial Group, LHV, Bigbank and the Estonian Tax and Customs Board.
The company has a technology team with extensive experience in creating complex end-to-end financial solutions.
As part of the transaction, Checkout.com will add 110 technology engineers from Icefire to its global technology teams to advance the delivery of its important products and features.
Icefire’s office in the Estonian capital Tallinn will become Checkout.com’s large-scale engineering hub, second to its headquarters in London, UK.
Checkout.com offers a customisable payments platform for global enterprises to help them drive more revenue and deliver better customer experiences.
The company said that the demand for its payment solutions increased to a record high, with transaction volume tripled from the last year, as merchants moved to digital commerce.
To tap on the product and market growth, Checkout.com has invested in its technology teams, targeting a 60% increase in technology and product employees this year.
Furthermore, the company has already been serving several Estonia-based technology businesses, including Wise, Monese and Bolt.
Checkout.com chief technology officer Ott Kaukver said: “Icefire has an outstanding track record of building complex, modular financial systems over the past 18 years.
“Their proven experience is complementary to what we are building at Checkout.com, to empower the enterprises with better payments.”
In February last year, the company acquired France-based payment processing services provider ProcessOut, and moved ProcessOut’s team of 14 personnel to its Paris and London offices.
Earlier this year, it has partnered with MoneyGram International to expand real-time digital P2P payments using Visa’s payments platform, Visa Direct.