The creator of Google Wallet has just sold his startup to GoDaddy for $ 365 million

Go Daddy has signed a pact to acquire California-based payment service provider Poynt in a $ 365 million deal that includes $ 320 million in cash upon completion and $ 45 million in deferred cash payments under certain performance and employment terms over three years.

The acquisition will help Internet name and registration management expand trading services with integrated payments.

The transaction is expected to close in the first quarter of 2021, GoDaddy said on Tuesday.

“Commerce is vital to our customers and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell anywhere,” said Aman Bhutani, GoDaddy CEO, in a statement.

“Poynt is accelerating our strategy of delivering a complete suite of trade and payment services to meet these critical customer needs and focus on a large addressable market opportunity.”

The announcement comes at a time when the rapid convergence of online and in-person customer shopping is accelerating the need for small businesses to deliver connected retail experiences to their customers across all channels.

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By integrating Poynt with GoDaddy’s websites, marketing and WordPress commerce services, small businesses can increase sales and customer satisfaction by combining both online and offline shopping experiences.

Distributed around the world through reseller partnerships, Poynt is used by more than 100,000 merchants with annual gross merchandise sales (GMV) of over $ 16 billion.

It offers a range of products that small businesses need to sell and accept payments anywhere – from point of sale (POS) systems, payment, billing, loyalty and rewards programs to transaction management.

“Our team is very excited to join forces and help millions of GoDaddy entrepreneurs sell everywhere, at a time when they no longer need it,” said Poynt, CEO Osama Bedier.

The Poynt CEO will join GoDaddy’s executive team and lead a new commercial division.

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