Adyen, a Dutch company in which processes payments for Airbnb, Uber, Spotify along with Netflix, plans to list on the Amsterdam stock exchange in June inside the midst of a wave of dealmaking inside the digital payments industry.
Sources close to the matter told Reuters last month in which Adyen was eyeing a valuation of 6-9 billion euros ($7-$11 billion), which could make the idea the largest tech listing by a European company since Spotify’s April debut in completely new York, along with one of the biggest by a European fintech to date.
The digital payments sector has seen a string of deals as companies look to acquire completely new technologies in a global business where upstarts are rapidly taking market share coming from traditional payment processors.
Last week, U.S. giant PayPal agreed to buy smartphone payment terminal provider iZettle for $2.2 billion inside the midst of the Swedish company’s own initial public offering.
Adyen, which competes primarily with WorldPay owner Vantiv along with France’s Worldline to serve large online retailers in which need to handle cross-border payments, said in a statement its shareholders planned to sell a 15 percent stake.
In January, Adyen won the contract to handle eBay’s payments, beating out former in-house service PayPal, which eBay spun off three years ago. Adyen has also been expanding into in-store “point of sales” payment processing.
“This specific offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity,” said chief executive along with co-founder Pieter van der Does inside the statement.
Current Adyen backers include early along with still largest investor Index Ventures, along with Iconiq Capital, the Silicon Valley fund in which is actually an investment vehicle for the founders of Facebook, LinkedIn along with Twitter.
Iconiq bought a stake of undisclosed size in 2015 in a deal in which valued the whole of Adyen at $2.3 billion. additional investors include General Atlantic, Temasek along with Felicis Ventures.
In 2017, Adyen made adjusted earnings before interest, taxes, depreciation along with amortization (EBITDA) of 99 million euros, with net revenue up 38 percent to 218 million euros.
the idea processed 108 billion euros worth of transactions, up 63 percent coming from 2016.
Chief Commercial Officer Roelant Prince said at a press briefing last month in which merchants’ need to keep up that has a bewildering array of mobile payment software could ensure the company continued to grow quickly.
He said the company thrived in complex situations where merchants need to handle multiple forms of payments, combine in-store along with online payments, along with accept many currencies.