Acquires Payment Service Provider For $7.5M – TechCrunch

Job market announced today that it has agreed to buy for $ 7.5 million in cash. The acquisition was funded through a placement of A $ 10 million (approximately $ 7.8 million) in common stock with institutional investors.

As the name suggests, provides online escrow services for ecommerce websites by withholding payments for goods or services until a transaction has been successfully completed. Commercial partners include eBay, GoDaddy,, and was founded by Fidelity National Financial in 1999 and merged with iLumin in 2002 before being bought by an unnamed private investor in 2004. announced that it will acquire from the same investor.

In a prepared statement, CEO Matt Barrie said the acquisition will enable’s 15 million users to make safer payments. He added that “it is a strong cornerstone for entry into the payment room.” already has a version of escrow services called Milestone Payments. This means that the website will hold funds from an employer until they are released to a freelancer upon completion of a service or dispute resolution. Holding payments is intended to give employers some level of reassurance, especially after the site’s rapid growth through a series of acquisitions starting in 2011 and being listed on the Australian Stock Exchange in 2013.

However, the Milestone Payments system is the frequent target of complaints from both employers and freelancers who claim that payments are not made on time and the system does not provide adequate protection against poor jobs. The acquisition can help resolve some of these issues. claims that its fiscal 2014 gross payment was $ 265 million and that it has processed over $ 2.2 billion in transactions to date.

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April 8, 2021