Neteller Owner Buys Canadian Mobile Wallet Company

The Montreal based mobile platform developer FANS Entertainment Inc. has been acquired by the leading online financial transactions provider Optimal Payments plc, which owns the electronic wallet brand Neteller. Neteller is a popular payment option at online casinos worldwide. However, in Canada it cannot be used for online gambling.

FANS offers a white-label, multi-level mobile wallet system that includes management software, analytics suite and operational and public apps. Therefore it allows merchants and other service providers to engage more fruitfully with their customers while accepting payments through mobile channels. More specifically FANS identifies users based on mobile behavior and provides invaluable consumption metrics to the service providers. As the name suggests, FANS is used mainly by sporting venues. Is has leading clients in the sports and entertainment sectors in Canada and is in use at the Bell Centre in Montreal, which is one of the highest-traffic venues in the world with more than 1.5 million spectators annually.

The consideration to be paid by Optimal Payments for the acquisition is Canadian Dollars $16 million. The mechanism will be through the issue of 3,163,633 shares in a subsidiary of Optimal Payments which will be exchanged on a one-for-one basis into shares of Optimal Payments over the next three years, a part of which is conditional to the satisfaction of financial performance criteria. Optimal Payments will retain the experienced management team led by Benoit Fredette, founder and CEO of the Montreal company. Through this acquisition, Optimal Payments with strengthen its position in the mobile sector of the online payments industry. It will offer its existing clients, which include online gambling operators, the benefit of the FANS management tools. At the same time it will introduce its other products like the Neteller electronic wallet in the events market.

Joel Leonoff, president and CEO of Optimal Payments, released a statement explaining the rationale behind the acquisition. Optimal Payments had been looking for an acquisition to enhance mobile expertise and complement its existing services for some time. Referring to the Canadian origin of Optimal Payments, Leonoff said that it was great to find the ideal partner on their doorstep in Montreal. “Through FANS, Optimal Payments will be able to offer innovative value-added mobile payment services globally to customers and merchants in all of our vertical markets,” he added. Leonoff intends to build on the mobile technology of FANS and accelerate Optimal Payments' growth as an industry leading mobile payments provider.

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