Logiq said it has acquired award-winning, women-owned fintech company Park Place Payments in an all-stock transaction valued at more than $6 million.
Through a distributed sales force, Park Place delivers merchant payment solutions and other financial services to small and medium businesses, Logiq said.
Its network of 1,500 account executives has grown Park Place’s annual transaction volume to more than $180 million, with Park Place expecting to generate more than $5 million in revenue and free cash flow in 2023.
The acquisition will bring Logiq “cross-pollination” opportunities and a means to differentiate itself from other digital marketing and AdTech companies, Logiq said.
Logiq CEO Brent Suen explained that, in addition to providing Park Place with a platform to finance its growth, Logiq can offer Park Place’s clients the company’s customer lead generation and marketing services that were previously inaccessible to small businesses.
“We also plan to offer additional fintech products to Park Place’s vast customer base, including, for example, insurance and lending products that would be provided by our DataLogiq digital advertising clients,” Suen said.
“Through these multiple initiatives that will build upon an already fast-growing business, we can see the revenue we’ll generate through the addition of Park Place easily reaching $15 million or more over the next year.”
Logiq noted that it will continue to focus on M&A, with plans to add other complementary businesses and brands.
“We see Park Place as just the beginning of our evolution into a company of direct-to-consumer and B2B brands that are complementary to and empowered by the industry’s most powerful AI-driven digital advertising and marketing platform,” Suen said in a statement.
Logiq is a US-based provider of eCommerce and digital customer acquisition solutions.
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