Sale agreed for travel fintech innovator Ixaris
The sale of travel fintech innovator Ixaris has been agreed with Nium, the next-generation payments platform, in a transaction advised on by leading UK law firm Shoosmiths.
Singapore-headquartered Nium is one of the fastest growing business-to-business payment platforms globally, with more than 130 million customers in over 100 countries. Acquiring Ixaris will help Nium in its vision to provide one API integration to access the world’s payments structure.
London-based Ixaris launched Europe’s first virtual prepaid card in 2003 and has been transforming the travel payments industry ever since, through flexible funding and payments to help airlines and online travel agents to reduce surcharges, earn rebates, flatten foreign exchange fees, and streamline reconciliation.
Shoosmiths advised the shareholders of Ixaris including Foresight Group and Oxford Technology on the legal aspects of its sale.
Partner Kiran Dhesi, who advised on the deal along with senior associates Adam Leszczynski, James Arnold and trainee solicitor Kathryn Kinsey said: “Payment platforms like Ixaris are driving the future of the travel industry by benefitting their customers and we are very pleased to help Ixaris on this next stage of the company’s development.”
Executive Chair at Ixaris Group, Spencer Hanlon said: “We’d like to thank the Shoosmiths team for providing us with expert legal advice for Ixaris to become part of the Nium family. Kiran and the team have been professional, attentive, immensely knowledgeable and extremely gracious in their support.”
CEO and COO at Ixaris Group, Mark Spiteri said: “We are very much looking forward to offering our virtual card options to more travel businesses and increasing our footprint to new regions around the world.”
The transaction is expected to complete during the third quarter of 2021.
Financial terms were not disclosed.