PayPal closes $400 mln acquisition of Primus-backed Hyperwallet

PayPal Holdings Inc (Nasdaq: PYPL) has wrapped up its acquisition of Hyperwallet, a Vancouver-based mass payments solutions provider, for about US$400 million. The deal was announced in June. PayPal said the buy will strengthen its payout capabilities and enhance its ability to provide an integrated suite of payment solutions to e-commerce platforms and marketplaces. Hyperwallet was founded in 2000 by Lisa Shields, who served as CEO until 2015. It has since been led by Brent Warrington. Hyperwallet was a portfolio company of U.S. private equity firm Primus Capital. Primus invested in the company's growth strategy in 2014.

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