Stanford-StartX Fund is set to exit payment processing technology provider Poynt in an acquisition sized at up to $365m.
Poynt, a US-based payment processing technology developer backed by Stanford-StartX Fund, agreed to an acquisition worth $365m by domain registrar provider GoDaddy on Tuesday.
The deal consists of a $320m up-front cash payment and the possibility of up to $45m in milestone fees.
Founded in 2013, Poynt markets a payment processing operating system that adds merchant functionalities to smart payment card terminals through its software interface and third-party integrations. The company also supplies its own smart processing terminals.
Following the acquisition, Poynt CEO Osama Bedier will join GoDaddy’s management team to lead its newly formed small business commerce unit.
GV, an early-stage investment subsidiary of technology conglomerate Alphabet, backed a series A round of undisclosed size for the company alongside Matrix Partners, Webb Investment Network and Nyca Partners in 2014.
The same investors, together with Stanford University-aligned Stanford-StartX Fund, returned the following year in Poynt’s $28m series B round led by Oak HC/FT.
Poynt subsequently collected $100m in a late 2018 series C round featuring financial services firms NAB and US Bancorp, the latter participating through card processing subsidiary Elavon.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
