Avangate, the global eCommerce and subscription billing platform for software, SaaS, and digital solutions, announces its acquisition of 2Checkout, a global payment processor. The combined company will offer the industry’s most comprehensive product and service suite in the subscription billing and eCommerce space, linking payment model flexibility with advanced eCommerce, recurring revenue management, and marketing capabilities on a global level.
The two companies bring complementary strengths and capabilities, combining to create a comprehensive offering that features:
The combined corporation will use the 2Checkout name and will be led by Alex Hart, Chief Executive Officer of Avangate. Ken Benvenuto, current Chief Executive Officer of 2Checkout, will continue to serve the company as a Board member and advisor.
“The ability to sell products and services all over the world, both in-country and cross-border, and to use as much or as little of the platform as the client desires, is the driving force behind the combination. The resulting company creates a unique offering in the marketplace, bringing added scale and flexibility that will help merchants further accelerate revenue growth. The acquisition of 2Checkout will enhance Avangate’s ability to simplify the complexity of selling products and services globally, whether via one-time purchases or recurring transactions,” said Hart. “We are also excited about welcoming Ken Benvenuto to our Board of Directors. Ken's extensive payments industry expertise and operating experience will add considerable value to the combined company’s Board,” added Hart.
“Joining the 2Checkout payment service provider and gateway capabilities with Avangate’s subscription management and merchant of record services will position the company for significant growth in attractive markets around the world. By coming together, we can lead the eCommerce and subscription management space, accelerate our payment offerings, and expand our footprint worldwide. I’m excited about helping the new 2Checkout deliver a unique set of capabilities to the growing eCommerce marketplace,” said Benvenuto.