iCheque provides an online virtual payment solution via its Payr brand, aimed at increasing card acceptance rates for merchants’ customers and providing enhanced security, fraud prevention, and privacy for consumers in their online transactions. The acquisition of iCheque broadens the product portfolio for CashFlows and enables it to continue delivering card acceptance for merchants, particularly across borders, while also improving fraud prevention and reducing risk.
Neil Graham, CEO of CashFlows, commented on the acquisition:
“We’re delighted to have agreed this transaction. We are particularly excited by the opportunities it offers both CashFlows and iCheque as we continue on our mission to maximise payments success for our customers, and also as we strive to innovate our technology and solutions to challenge established players in the financial services market.”
Caerwyn Prothero, co-founder and CFO of iCheque, said:
“We are excited about joining CashFlows. Bringing our offerings together will help us to accelerate growth, provide greater levels of service and focus in the electronic payment sector and to continue delivering innovative new products and services to our customers.
Hazlewoods worked with us for 18 months prior to exit, being appointed as auditors and tax advisors, working with our shareholders every step of the way from pre-deal planning to completion.
Hazlewoods advised on a pre-deal group reorganisation in order to minimise tax liabilities on exit. They also advised on the financial and legal structure for the transaction as well as offering practical guidance on tactics and negotiating the deal with the buyer and its advisers. Hazlewoods’ hands on approach combined with their specialist tax knowledge were invaluable in getting the deal over the line.”
Paul Fussell, Hazlewoods Corporate Finance Partner noted:
“Hazlewoods have advised on a number of transactions in the financial technology sector, providing a range of services, including M&A advisory, innovation tax breaks, corporate structuring, audit and tax. We are delighted to have been advised on the sale of iCheque and look forward to seeing the combined business grow and develop.”
The Hazlewoods corporate finance team provides a range of services, including merger & acquisitions (acquisition / sale of businesses, management buyouts, re-financings, shareholder restructurings and strategic investment), due diligence, business valuations and equity market admissions. In the six months to 30 June 2016, the team successfully completed 54 deals valued at £270 million (12 months to 31 December 2015, 103 deals valued at £345 million).