SumUp Buys Fivestars for $317 Million to Target U.S. Merchants
- London-based SumUp pays $317 million in cash and stock
- SumUp has no IPO plans now and doesn’t rule out future listing
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SumUp Inc., a U.K. global payments company, acquired Fivestars as part of a push to become a one-stop service provider for small businesses.
SumUp said in a statement Thursday it paid $317 million in cash and stock to buy Fivestars, headquartered in San Francisco. Fivestars provides a payments and marketing platform that combines automation, rewards, and promotions for nano and small merchants in the U.S. and Canada.