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PayPal收购iZettle或将引发行业收购潮

国际资讯基于互联网平台的金融业务投融资

PayPal收购iZettle或将引发行业收购潮

近日,PayPal宣布收购瑞典金融科技公司iZettle。

对此,毕马威金融服务战略负责人Mitch Siegel表示,"这标志着交易活动增长、交易规模和估值达到了一个转折点。"

他认为,传统支付巨头正在努力适应行业中的破坏性力量,iZettle交易符合这些巨头关注的一些关键主题,包括传统零售业和在线零售业务融合,以及全球商业和小型企业解决方案重要性逐渐增强

Siegel表示,线上线下商业融合正在渗透到支付基础设施中,而企业正在寻找"全频谱供应商"。PayPal 需要加强其店内功能,而其他成熟公司将学习在线专门技术。 例如,Square公司近日宣布将收购网站创建平台Weebly,以增强其全渠道产品供应能力。

总体来说,几乎没有哪家专注于电子和移动商务的上市公司会成为符合逻辑的并购目标,但私营市场将会出现更多机会。Siegel预测,今年晚些时候"多因素融合"将推动更多并购交易,包括银行与金融科技公司之间形成更加"协同"的关系以及供应链日益全球化。

在国际方面,跨境支付正在悄然成为传统支付机构交易的一大部分,夺取增长产生的吸引力也越来越大。Siegel认为,"有些小企业也面临这样的局面,随着规模增大,其供应链也面临全球性问题。"

KeyBanc Capital Markets的金融科技投资银行业务常务董事Tim Monnin解释说,既有的支付公司也在寻找高度整合的软件产品。他们越来越看重与垂直专注的软件合作伙伴建立更紧密的联系。垂直整合的软件公司"对商家和付款人来说都更方便"。公司现在意识到了将支付功能直接嵌入到企业软件中的优势,这使得企业更难转向竞争性支付产品。该策略有助于降低消耗,提高定价能力。

Monnin认为,最近符合这一模式的收购案例包括今年早些时候Total Systems Services收购Cayan,First Data Corp.收购BluePay和CardConnect。

KeyBanc Capital Markets研究分析师Josh Beck指出,Global Payments Inc.9月份收购Active Network,使得这款事件管理软件能够帮助消费者注册参加马拉松比赛。"因为没有太多的竞争对手,所以可以在垂直领域占有重要地位,软件一直是一个广受欢迎的主题。"

PayPal计划支付22亿美元收购iZettle,是该公司计划通过IPO估值的约两倍。但从总体来看,Siegel认为对有意在该行业开展交易的公司而言,高估值将成为障碍。

但Monnin解释说,监管行为可能会导致收购美国公司的交易受阻,至少会阻碍中国公司收购美国公司。美国政府小组出于公司用户数据敏感带来的国家安全问题,阻止了阿里巴巴集团旗下的蚂蚁金服公司今年早些时候收购总部位于达拉斯的汇款公司MoneyGram Inc.。

Dealogic数据显示,迄今为止,全球共发生346项金融技术交易,其中包括传统交易以及阿里巴巴计划收购Ant Financial 33%股权等安排。2017年该数值为884项,2016年为575项。

Despite high valuations for both private and public financial-technology companies, expect to see more deal activity in the payments sector.

PayPal Holdings Inc.’s recently announced acquisition of Swedish fintech company iZettle “marks a pivot point for increased deal activity, deal sizes, and valuations,” Mitch Siegel, KMPG’s financial services strategy leader, told MarketWatch.

The iZettle deal hits on a number of key themes that should remain of interest for legacy payments giants as they seek to adapt to disruptive forces in the industry, he said. These include a convergence of off- and online retail as well as the increased importance of global commerce and solutions for small businesses. IZettle enables smaller merchants in Latin America and Europe to accept card-based payments.

“The blending of commerce online and offline is bleeding into payments infrastructure,” Siegel said, and businesses are looking for “full-spectrum providers.” PayPal needed to bolster its in-store capabilities, but other established players will be looking to pick up online expertise. Square Inc., for example, recently announced that it would be acquiring Weebly, a website-creation platform, in order to enhance its omnichannel offerings.

In general, few public companies focused on e- and mobile commerce would make for logical purchase targets, but there are more opportunities in the private market. Siegel sees a “confluence of factors” driving more M&A deals later this year, including a more “synergistic” relationship between banks and fintech companies as well as the increasing globalization of supply chains.

On the international side, cross-border payments are quietly becoming a larger portion of volume for traditional payments players and there’s increased interest in capturing this growth. “Even with some of those smaller businesses, as they start getting larger, there’s a global aspect to their supply chain,” Siegel said.

Tim Monnin, managing director of the fintech investment banking practice at KeyBanc Capital Markets, explained that established payments companies are also looking for tightly integrated software offerings. “Increasingly they see value in being more closely aligned with vertically focused software partners,” he told MarketWatch. Vertically integrated software players are “more convenient for merchants and payers,” he said.

Companies now see an advantage to having payment capabilities embedded directly into a business’s software, which makes it harder for that business to switch over to a competing payment offering, Monnin said. The strategy helps lower attrition and increase pricing power.

Examples of recent acquisitions that fit the mold, according to Monnin, are Total Systems Services Inc.’s TSS, -0.43%  deal for Cayan earlier this year and First Data Corp.’s FDC, +0.84%  purchases of BluePay and CardConnect.

KeyBanc Capital Markets research analyst Josh Beck pointed to Global Payments Inc.’s GPN, -0.07%  September acquisition of Active Network, which makes event-management software that enables consumers to, say, register for a marathon. “There aren’t a lot of competitors so you could have a pretty strong position in that vertical,” he explained. “Software has been a pretty popular theme.”

PayPal intends to pay $2.2 billion for iZettle, roughly double the valuation the company was expected to fetch through a planned IPO. Overall, KPMG’s Siegel doubts that high valuations in the sector will serve as much of an impediment to companies interested in making a deal. “Valuation is in the eye of the beholder based on what you need for your strategic plan,” he said.

But regulatory actions could put a damper on acquisition of U.S. companies, at least by Chinese players, explained Monnin. A U.S. government panel blocked Alibaba Group Holding Ltd. affiliate Ant Financial from purchasing Dallas-based money transfer company MoneyGram Inc. earlier this year due to national security concerns related to the company’s sensitive user data.

“This has turned companies in China toward acquisitions in other geographies outside the U.S.,” Monnin said.

So far, 346 fintech deals have been announced globally this year, according to Dealogic, which counts traditional transactions as well as arrangements like Alibaba’s intent to acquire a 33% equity stake in Ant Financial. There were 884 announced fintech deals in 2017, up from 575 in 2016.


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