The high-margin, advanced point of sale system and back-end technology of ChargeSavvy will complement GreenBox’s payment solutions


GreenBox POS to acquire ChargeSavvy. (Credit: flyerwerk from Pixabay.)

GreenBox POS has agreed to acquire speciality retail payment processing firm ChargeSavvy for a total consideration of $31.2m in an all-share transaction.

ChargeSavvy is primarily focused on retail, in-person transactions, and is also well suited for the eCommerce market. The company has processed payments of more than $500m and generated revenues of more than $30m in 2020.

The transaction indicates a price of $2 per share of GreenBox stock and is expected to be immediately accretive.

GreenBox POS chief executive officer Fredi Nisan said: “If completed, this accretive acquisition would mark a pivotal moment in GreenBox’s history by adding over $500m in processing volume to our Gen-3 platform and propelling us into the massive retail industry, as well as several other industries that we believe are ideally suited for our solutions.

“By leveraging our stock, which was priced at a significant premium of $2.00 per share, we expect to deliver a significant amount of shareholder value in the immediate term while cross-selling services and moving into other high-value, high-margin markets.

“We look forward to working together with the entire ChargeSavvy team as our technologies work together to disrupt the entire payment solutions market as we know it.”

GreenBox said that ChargeSavvy’s high-margin, advanced point of sale system and back-end technology will complement its payment solutions.

The acquisition will also bring complete agent management portal for effortless underwriting, onboarding and monitoring of retail and eCommerce merchants.

The closing of the transaction is subject to the completion of an audit of ChargeSavvy’s financial statements and customary closing conditions.

The total maximum consideration for the transaction is expected to reach $52m, based on pre-determined profitability performance metrics over the next 12 months.

ChargeSavvy chief operating officer Jeff Nickel said: “ChargeSavvy’s large footprint across multiple verticals, most specifically retail, makes for an ideal opportunity to grow together.

“Combining GreenBox’s Gen-3 proprietary block-chain technology with our expansive processing portfolio presents significant opportunities for cross-selling our solutions, as well as the ability to further penetrate the massive retail and e-commerce industries.”