More than 11 years ago, Avangate embarked on a journey to create a great company, a true thought leader and innovator for software companies that wanted to sell their products globally. We have had a fantastic journey, and we have helped thousands of clients grow their businesses around the world.
Today we start a new journey, one that will bring us even closer to our goal of simplifying the complexity of selling products and services worldwide. I’m very pleased to announce that Avangate has acquired 2Checkout, a global payment processor, to expand our payment model options, improve our ability to support the sale of physical goods, and to further improve our capabilities outside of our traditional strongholds in Europe and North America.
The acquisition of 2Checkout will enable us to expand and improve our products and services more quickly. The increased scale will enable us to invest in innovation more aggressively and will also improve our ability to support our growing customer base across the globe. Our core strategies have not changed, but Avangate and 2Checkout will begin working on the integrated products and services that were not possible as separate companies. We believe that the combination of Avangate’s comprehensive set of eCommerce and subscription management services and 2Checkout’s broader set of payment capabilities will create a unique offering.
Avangate has historically focused on providers of Software and Software as a Service (SaaS) as well as the growing list of companies in the Internet of Things (IoT) economy. 2Checkout has served the eCommerce payment needs of companies in more than 185 merchant categories, with a far greater percentage of their revenue coming from merchants based in Asia, Africa, South America, and Australia. We are excited by the opportunity to serve a broader set of merchants across the globe and to create an integrated offering that provides an unmatched level of flexibility in the eCommerce space.
The combined company, which will use the more descriptive 2Checkout name, will be able to support digital, subscription, and physical goods and services for more than 250 merchant categories in more than 200 countries and territories.
I will continue to be the Chief Executive Officer of the combined company and Ken Benvenuto, the current CEO of 2Checkout, will continue to serve the company as a board member and advisor.
I want to thank once again our clients and partners, for their business and support. We look forward to sharing more information about the new 2Checkout in the weeks and months ahead.
For more information, please read the press release we’ve wired today.
These are exciting times and we look forward to continuing this journey.