Optimal Payments to rebrand to Paysafe Group

Payments giant will change name if shareholders approve rebrand at a special meeting later this month

Optimal Payments will rebrand to Paysafe Group in a bid to create a more “distinctive brand” following its $1.2bn acquisition of rival Skrill earlier this year. [private]

The payment processing firm announced it was working on a new name after revealing its H1 2015 financial results last month and the Paysafe Group brand will be put to a shareholder vote at a special meeting taking place on 28 September.

Optimal is looking to create a new corporate identity to better represent the expanded group created by the reverse takeover of Skrill, first announced back in March.

The deal saw Optimal acquire the holding companies behind Skrill from its current owners CVC Capital partners for $803m in cash and the remainder in shares.

The acquisition represented further consolidation in the payments sector, with Skrill having acquired prepaid voucher provider Ukash in November last year and prior to that buying paysafecard in 2013 for €140m.

Skrill has since discontinued its Ukash brand and integrated the prepaid voucher provider into its paysafecard subsidiary.

The deal is the second major acquisition by Optimal Payments in less than a year, after the company acquired two US-facing payment processors – Meritus Payment Solutions and Global Merchant Advisors – for a combined $225m in July 2014.

Since announcing the Skrill takeover, Optimal has also acquired mobile platform developer FANS for Entertainment for $13m.