Optimal pushes Paysafe brand with name change

Optimal pushes Paysafe brand with name change

Tuesday, September 8, 2015
Optimal Payments will look at further deals following the takeover of rival Skrill

Optimal Payments looks set to promote its newly-acquired Paysafe brand after announcing plans to change its name ahead of a predicted move to the main listing on the London Stock Exchange.

The payment processing operator will decide later this month whether to become known as Paysafe Group, just weeks after it completed the £870m ($1.10bn/$1.23bn) reverse takeover of Paysafecard owner Skrill.

Optimal has called an Extraordinary General Meeting for September 28, when shareholders will vote on the change of name, as well as the adoption of new memorandum and articles of association which are required for its promotion from the Alternative Investment Market (AIM).

A company source told TotallyGaming.com that the promotion from AIM is on course to be completed before the end of the year, adding that it should “easily” be accepted based on its current market cap of £1.46bn.

However, the timing will depend on matters outside of Optimal’s hands, with acceptance relying on the schedule of London Stock Exchange meetings.

Meanwhile, Optimal is already on the hunt for further acquisitions, but chief executive Joel Leonoff told the Financial Times newspaper that its shopping list has changed somewhat following the Skrill deal.

He said: “As we come out of the tail-end of the integration with Skrill, we want to be ready to look at other companies that we feel are accretive to our shareholders and add a lot of value to our business.

“As we approach $1bn in revenue, we need to find companies that can move the dial a little bit and make sure they add a material amount of revenue and profit.”

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