Shares of GoDaddy Inc. (GDDY), an Arizona-based developer of cloud-based technology products, are rising more than 6 percent or $5.22 in Wednesday's morning trade at $91.06, after hitting a new 52-week high of $91.42.
Tuesday, GoDaddy said it has agreed to acquire payments processor Poynt, enabling the company to expand its commerce services with offline sales and integrated payments. Poynt offers products required for small businesses to sell and accept payments anywhere, spanning point-of-sale or POS systems, payments, invoicing, loyalty and rewards programs, and transaction management.
Under the terms of the deal, GoDaddy will pay $320 million in cash at closing and $45 million in deferred cash payments subject to certain performance and employment conditions over three years. The transaction is expected to close in the first quarter of 2021. GoDaddy expects the acquisition to contribute more than $150 million of bookings in 2023.
GoDaddy has traded in a range of $40.25 to $91.42 in the past 52 weeks.
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