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Nuvei Corporation (Nasdaq: NVEI, TSX: NVEI) is a leading provider of payment technology solutions, enabling businesses around the world to accept next-generation payments, offer a variety of payout options, and benefit from services such as card issuing, banking, and risk and fraud management. Headquartered in Canada, Nuvei’s modular, flexible, and scalable technology connects businesses to their customers in over 200 markets, with local acquiring in 50 markets and support for 150 currencies and 700 alternative payment methods, including cryptocurrencies.
Core Business
Nuvei delivers mobile, online, and in-store payment solutions across key geographical segments including North America, Europe, the Middle East and Africa (EMEA), Latin America, and the Asia Pacific. The company's technology is designed to optimize operating costs and boost conversion rates by consolidating payment solutions, maximizing payment acceptance, minimizing risk, and enhancing the consumer payment experience.
Recent Achievements and Current Projects
- In April 2024, Nuvei’s Singapore entity, Nuvei Singapore Pte Ltd, was granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore. This license allows Nuvei to operate domestic and cross-border money transfer services and merchant acquisition services in Singapore.
- Nuvei recently launched Invoice Financing services integrated into leading enterprise resource planning (ERP) platforms, such as Sage and Acumatica. This service helps merchants optimize cash flow and unlock working capital more efficiently.
- Nuvei partnered with Visa to offer Visa Direct in Colombia, enabling near real-time fund delivery directly to financial accounts using card credentials.
Financial Condition
Nuvei generates the majority of its revenue from North America and EMEA. The company’s financial condition remains strong, as evidenced by its recent strategic initiatives and partnerships aimed at expanding its global reach and service offerings.
Partnerships and Products
Nuvei’s strategic partnerships, such as with Mastercard and Visa, have strengthened its product offerings and market presence. The company's full stack modular payments technology platform supports over 700 alternative payment methods, ensuring businesses can offer a wide range of payment options to their customers.
For more detailed information, visit Nuvei's official website.
Nuvei (Nasdaq: NVEI, TSX: NVEI) announced that Institutional Shareholder Services (ISS) recommends shareholders vote in favor of a statutory plan of arrangement. Under this plan, Neon Maple Purchaser, controlled by Advent International, will acquire all outstanding shares for $34.00 per share in cash. The special shareholder meeting to approve the arrangement is scheduled for June 18, 2024. ISS supports the proposal, noting the premium offered and the risks of non-approval. Nuvei's Board and a special committee of independent directors also recommend voting for the arrangement, believing it to be in the best interests of the company and its shareholders.
Nuvei (Nasdaq: NVEI, TSX: NVEI) held its annual meeting of shareholders on May 24, 2024. All proposed items of business were approved by shareholders. The eight director nominees were elected with high approval rates, notably Philip Fayer with 99.90% of votes in favor. PricewaterhouseCoopers LLP was reappointed as auditors with 99.87% of votes in favor. Final voting results are available on SEDAR+ and EDGAR. Nuvei provides fintech solutions for payment acceptance, payout options, and risk management across 200 markets and 150 currencies.
Nuvei (Nasdaq: NVEI) has appointed Gang Wang as its new Chief Technology Officer, effective May 23, 2024. Wang will lead the global technology team and work closely with former CTO Max Attias, who now serves as Chief Information Officer. This leadership restructuring aims to bolster Nuvei's technological capabilities, drive innovation, and support future growth.
Wang joins Nuvei with over 25 years of experience, including senior roles at Intuit and Stripe. His expertise in payments and software sectors is expected to significantly enhance Nuvei's tech strategy and service delivery. Under Attias' previous leadership, Nuvei's total payments volume grew nearly fivefold from 2020 to 2023.
CEO Philip Fayer believes this strategic leadership expansion will empower Nuvei to address industry complexities and accelerate global revenue growth.
Nuvei announced the filing of a Management Proxy Circular and received an interim order for a go-private transaction involving Advent International. Shareholders will receive $34.00 per share, a 56% premium on the last trading day before media reports of the transaction. The Board recommends shareholders vote for the arrangement at a special meeting on June 18, 2024. The interim order authorizes the meeting and other related matters. The arrangement must be approved by a detailed voting process. Full details are available on SEDAR and EDGAR.
Nuvei reported its financial results for the first quarter of 2024, showing significant growth in total volume, revenue, and adjusted EBITDA. The company also announced a cash dividend and a proposed transaction to be taken private by Advent International. Revenue increased across all geographies, and the company plans to delist from stock exchanges after the transaction.
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