Ecommerce & Subscription Billing Platform Avangate Acquires 2Checkout

Yesterday subscription ecommerce and subscription billing platform Avangate announced its acquisition of 2Checkout, a global payment processor, allowing the company to expand its payment

Subscription News: Ecommerce & Subscription Billing Platform Avangate Acquires 2Checkout

Source: Avangate

Yesterday subscription ecommerce and subscription billing platform Avangate announced its acquisition of 2Checkout, a global payment processor, allowing the company to expand its payment flexibility and broaden market reach. Avangate will take on the 2Checkout name and will be led by Avangate CEO Alex Hart. 2Checkout’s CEO Ken Benvenuto will remain, serving as an advisor and a board member. The terms of the deal, including the sale price, were not disclosed.

“The ability to sell products and services all over the world, both in-country and cross-border, and to use as much or as little of the platform as the client desires, is the driving force behind the combination,” said Hart in an announcement. “The resulting company creates a unique offering in the marketplace, bringing added scale and flexibility that will help merchants further accelerate revenue growth.”

Subscription News: Ecommerce & Subscription Billing Platform Avangate Acquires 2Checkout

Source: 2Checkout

“The acquisition of 2Checkout will enhance Avangate’s ability to simplify the complexity of selling products and services globally, whether via one-time purchases or recurring transactions,” said Hart. “We are also excited about welcoming Ken Benvenuto to our Board of Directors. Ken’s extensive payments industry expertise and operating experience will add considerable value to the combined company’s Board.”

Founded in 2000, 2Checkout supports transactions in more than 200 markets through eight payment methods, 87 currencies and 15 languages. The global payment processor allows companies to accept online and mobile payments from buyers all over the world. Its capabilities include a pre-integrated payments gateway, merchant account, PCI compliance, international fraud prevention and integration with more than 100 different shopping carts, including Shopify, BigCommerce, Woo Commerce, and OpenCart.

By combining efforts, the new company will be able to expand to 30 languages and 130 local currencies and provide support for the sale of digital and physical goods and services in 250 merchant categories. Additional benefits include enhanced customer service globally and increased innovation and operational efficiency.

Subscription News: Ecommerce & Subscription Billing Platform Avangate Acquires 2Checkout

Source: 2Checkout

“Joining the 2Checkout payment service provider and gateway capabilities with Avangate’s subscription management and merchant of record services will position the company for significant growth in attractive markets around the world. By coming together, we can lead the eCommerce and subscription management space, accelerate our payment offerings, and expand our footprint worldwide. I’m excited about helping the new 2Checkout deliver a unique set of capabilities to the growing eCommerce marketplace,” said Benvenuto.

Insider Take:

There are many subscription management platforms available for subscription companies of all sizes, including small businesses all the way up to large enterprise-focused companies. As the industry matures, it makes sense that mergers and acquisitions will take place so companies can take advantage of operational efficiencies and to expand capabilities.

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