Avangate, the global eCommerce and subscription billing platform for software, SaaS, and digital solutions, founded by Romanian entrepreneurs Radu Georgescu and Cristian Badea and then taken over by Francisco Partners investment fund in 2013, bought 2Checkout, a global payment processor, a press release informs.
The financial terms of the transaction were not disclosed.
The combined company will offer the industry’s most comprehensive product and service suite in the subscription billing and eCommerce space, linking payment model flexibility with advanced eCommerce, recurring revenue management, and marketing capabilities on a global level.
The two companies bring complementary strengths and capabilities, combining to create a comprehensive offering that features: world-class subscription management, eCommerce, payment services from a single provider; flexible payment model options, from the largely outsourced merchant of record model to API-driven payment facilitation and payment gateway models; the ability to conduct business and settle transactions in more than 30 languages and 130 local currencies; support for both digital and physical goods and services in more than 250 merchant categories in 200 countries and territories worldwide a.s.o.
The combined corporation will use the 2Checkout name and will be led by Alex Hart, Chief Executive Officer of Avangate. Ken Benvenuto, current Chief Executive Officer of 2Checkout, will continue to serve the company as a Board member and advisor.
Upon completion, the company will serve more than 8,000 active merchants worldwide.