Shift4 acquires SpotOn unit for USD 100 mln

Wednesday 4 October 2023 12:52 CET | News

Payment processor, Shift4, has acquired SpotOn’s sports and entertainment business unit for USD 100 million in cash. 

Following this acquisition, Shift4 obtains all of SpotOn’s sports and entertainment customers as well as a portion of its employees, and some technology assets. 

Having undergone this deal, SpotOn retains ownership of the source code for the software system to continue building on it in the restaurant space. However, SpotOn is licensing the code to Shift4 to build on it for the sports and entertainment business sector.  

Shift4 executives have expressed a desire to push further into the sports market. Prior to the announcement, Shift4 had about 150 sports and entertainment venue clients. The company aims to bundle services for these clients, offering mobile ordering, point-of-sale and payment processing for food, beverage and merchandise.  

With the sale, SpotOn intends to invest resources in its restaurant business, with focusing its teams and investments to enhance growth in that space. 

Payment processor, Shift4, has acquired SpotOn’s sports and entertainment business unit for USD 100 million in cash.

About Shift4 

US-based integrated payments and commerce technology company, Shift4, focuses on the process of simplifying payments ecosystems across the globe. By using commerce-enabling technology, it offers its suite of products to several enterprises to optimise the way they handle their overall transaction procedures. The firm had multiple deals and partnerships in the last couple of months. 

In September 2023, Shift4 partnered with Amazon to deliver customers a checkout-free shopping experience at stadiums and arenas. Following this partnership, Shift4 would incorporate its VenueNext solution with Amazon’s Just Walk Out technology to eliminate the checkout lines that take place at stadiums and arenas, as well as to provide clients and customers with an improved payment experience. 

Also in September 2023, the company announced its collaboration with Give Lively to provide nonprofit organisations with fundraising solutions and services. Throughout this deal, Give Lively was set to add Shift4 as a payment processor, which aimed to offer lower transaction fees to multiple nonprofit companies. The company also teamed up with RedWeek to process its transactions and payments. Shift4’s end-to-end commerce platform was set to be utilised by RedWeek’s online payments for their overall timeshare rental and membership transactions. These included multiple features, such as direct client billing processes, business intelligence products, and recurring payments. 

About SpotOn   

Based in the US, SpotOn is a software and payment company providing the technology and support that helps local businesses and the people who run them. The company is known for its cloud-based technology and personalised support. SpotOn offers an end-to-end platform with the aim to accept payments, boost revenue, streamline operations, and create smooth guest experiences.  

In May 2022, SpotOn closed a USD 300 million Series F financing that valued the company at USD 3.6 billion, during that time. The investment was led by Dragoneer Investment Group and marked its sixth time investing in the company over a three-year period. 

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Keywords: acquisition, payments , ecommerce, cloud payments, payment processor
Categories: Payments & Commerce
Companies: Shift4, SpotOn
Countries: United States
This article is part of category

Payments & Commerce




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