GoDaddy plans to pay $320m in cash at closing, along with $45m in deferred cash payments subject to various performance and employment standards in the next three years. The deal is expected to close in the first quarter of 2021. GoDaddy was interested in Poynt because of the digital shift in payments due to the pandemic, as well as in-person and online shopping converging more all the time.
"Commerce is critical to our customers, and we continue to invest in building seamlessly intuitive experiences that enable small businesses to sell everywhere," said GoDaddy CEO Aman Bhutani. "Poynt accelerates our strategy to provide a complete suite of commerce and payment services to address this critical customer need and focus on a large addressable market opportunity. We've built leading eCommerce capabilities that today allow small businesses to easily sell on their sites, across major marketplaces and the most popular social networks, and now we will help make them successful everywhere."