USA based PayPal to acquire Canada based bill payment management company TIO Networks for $233 million. The all-cash deal is expected to close in late 2017.
TIO last year alone served some 14 Million customers through its 65,000 retail locations and online. PayPal is expected to pay $2.56 per share for the acquisition.
About TIO NetworksTIO Networks is an information technology company, engaged in processing bill payment transactions through an Internet enabled platform. It provides the billers’ customers the ability to pay their accounts through multiple access points, including self-service kiosks, clerk-assisted locations, smartphone applications, and Web.
TIO Networks is headquartered in Vancouver, Canada and was founded in 1997.
PayPal Holdings is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites and other commercial users, for which it charges a fee.
PayPal was established in December 1998 as Confinity, a company that developed security software for handheld devices.