Victoria – Sept. 17, 2015 – Beanstream Internet Commerce, Inc. a Victoria-based Payment Provider, announced the signing of a definitive agreement to be acquired by the Swedish fintech innovator, Bambora Group. Bambora plans to leverage this new business combination to enter the North American market. Bambora’s ambition is to become a global one-stop-shop with the same unique offer, services and customer experience regardless of where their clients are located. The goal? To become one of the industry’s most innovative and growth-focused payment companies globally.
Beanstream - a provider of omni-channel payment processing, risk management and authentication services – was founded in Victoria, BC in 2000. This is the fourth time Beanstream has been acquired in the past seven years. Bambora’s plan to acquire Beanstream is a result of its ambition to become a global player with an anchor in North America.
Beanstream has a long history and exceptional reputation in the Canadian small to mid-sized business market, its proven platform and its momentum in the U.S., complement
Bambora’s current strategy to efficiently enter the North American market. Leadership for Bambora North America will be based in Victoria, with a large incremental investment being made to grow the local team.
The Bambora Group was launched in May this year already handles more than $50 billion in transaction value a year, of which more than 70 percent is online. Bambora has 520 employees with offices in seven countries. The Victoria office will be the first within North America. The group consists of industry innovators, engineers, financial advisors, marketers and digital developers who all share a common goal – simplifying trade between people, in-store as well as online and using mobile devices.
With a core focus on developers and platform of choice for makers and thought-shapers, there will be a strong partnership approach. Collaboration with startups to high-growth companies, a number of which are local to Victoria, will enable Bambora’s success in Victoria and the rest of North America.
Subject to closing conditions, the transaction is expected to be finalized in September 2015. The terms of the transaction were not disclosed.
“Beanstream at its core is an entrepreneurial organization, which closely complements Bambora’s culture. The opportunity to work with some of the best and brightest thought leaders in the industry and collaborate on innovative technology that we can bring to North America is extraordinarily exciting for our team,” said Craig Thomson, president of Beanstream.
“We are acquiring the best and most innovative startups in the payments market that share our values and strong belief in simplifying trade between people on a global level. Beanstream is a perfect fit for our strategy. Together we will be able to create great products for the North American market and fuel new innovations,” said Johan Tjärnberg, CEO of Bambora Group.
Since 2000, Beanstream has provided payment, risk management and authentication solutions to some of North America’s leading companies and institutions.
Beanstream has forged relationships with major financial institutions, built a network of more than 700 partners and 18,000 merchants, and provides white label solutions for First Data Canada, TD Bank and Sage Payroll. Customers include online and brick-and-mortar merchants, governments, and financial and higher education institutions. Beanstream is located in Victoria, British Columbia, Canada.
Bambora Group is one of the fastest growing providers of online payment transactions with business in Europe, Australia, New Zealand and North America. Bambora consists of a consolidation of innovative payment technology companies, including Samport, MPS, ePay, DK Online, Keycorp, dSAFE, Euroline and IP Payments. The group processes more than $50 billion in transaction value a year, of which more than 70 percent is online. Bambora has 520 employees with offices in seven countries. The Bambora Group is owned by Nordic Capital Fund VIII.
For more information, please contact:
Agnes von Schulzenheim, press contact, cell: +46 (0)73-980 76 01,