British payments group Epos Now is running a private placement process to sell a minority stake in the business and bring on a strategic partner “for the next stage of growth.”
The process will start after summer, Epos Now CEO Jacyn Heavens told PYMNTS in an email.
“The goal is to accelerate to allow us to put even more incredible and unique tools in the hands of merchants we support,” Heavens said in the email.
The statement from Heavens came after Reuters reported Wednesday (May 1), citing unnamed sources, that Epos Now was considering such a sale and other strategic options and discussing them with advisors.
The Reuters report said that the privately held business is seeking a valuation of up to $1.5 billion, and potential investors are likely to include private equity firms.
The company offers a complete point-of-sale (POS) solution that powers 63,000 business locations across the globe, according to its website.
The solution includes a POS terminal, built-in printer and card machine and can be used as a standalone system or connected to hundreds of apps for payments systems, accounting software and other capabilities, the site said.
Among the industries for which Epos Now builds POS solutions are retail and hospitality, per the site.
In another recent move in the payments space, Canadian payments FinTech Nuvei said April 1 that it is set to become a private company in a $6.3 billion deal with private equity firm Advent International.
“This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides,” Nuvei CEO Philip Fayer said at the time in a press release.
On Feb. 1, payments technology firm Worldpay became an independent business when former owner FIS finalized the sale of the business to private equity firm GTCR, which owns 55% of the business. FIS retains a 45% stake in Worldpay.
“As an independent company, Worldpay is committed to bringing greater levels of value, innovation and service to clients through increased investment in product development, technology and client solutions,” the company said at the time in a press release.
It was reported in December 2023 that dealmakers expect the mergers and acquisitions (M&A) climate to warm as economic conditions improve. That report noted that 2023 was a bleak year for M&A, with total M&A volumes the lowest since 2013.
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