Shift4 Payments Reject Buyers’ Bids For Poor Valuation
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Shift4 Payments has faulted the bidding price of potential buyers, with its Chief Executive Officer, Jared Isaacman, claiming that the bids are undervalued. He expressed disappointment with the bids so far, even after receiving interest from several potential buyers.
Shift4 Payments Is Still Exploring Strategic Alternatives
The past few months have been a busy one for Shift4 and its management, as they have been organizing a sale. The brain behind the company, Isaacman, is a veteran in the industry.
Shift Payments is a publicly listed company on the New York Stock Exchange. The company was based in Allentown, Pennsylvania, and set up by Jared Isaacman. He started operations in 1990. At the time, he was only 16 years old.
Shift4 Says it’s still looking at more improved bids from other potential buyers, and that the initial bids will not be considered. The company records over $200 billion worth of transactions, with more than 200,000 merchants, including restaurants and hotels.
Shift4 Has Gone Through Several Changes In Recent Times
Isaacman has been in the payments service industry for several years. He has been a critical figure in the industry, where he established the United Card as a teenager staying in his parents; house in New Jersey.
At the time, it took merchants almost one month to set up a payment system. They had to engage in several paperwork, signing for lengthy applications and making payments for credit card readers.
Isaacman introduced his payment processing firm to ease the entire process, which reduced processing time to within 24 hours. The platform also enabling merchants to receive free credit card readers, which reduced the application process.
But in 2012, United Bank Card rebranded and changed its name to Harbortouch, which aligned with its point-of-sale (POS) and payments technology.
In 2012, United Bank Card changed its name to Harbortouch to align with its payment and point-of-sale technology. The company has also passed through several rebranding exercises, including in 2017 when its name was changed to Lighthouse Network. Between 2014 and 2017 it experienced serious growth following the acquisition of several payment processing and POS companies.
The latest rebranding effort was the acquisition of payment gateway provider Shift4 Corporation, before rebranding to its current name Shift Payments. With this development, the platform is set to rebrand again as it plans to expand its operations and reach more markets.
