Checkout.com, which works in cloud-based payments solutions, has acquired Icefire, an Estonian software development firm, to capitalize on the continuing popularity of eCommerce, according to a press release. This marks Checkout.com’s largest acquisition to date.
In the release, Checkout.com Chief Technology Officer Ott Kaukver praised Icefire’s track record of building “complex, modular” financial systems.
“Their proven experience is complementary to what we are building at Checkout.com, to empower the enterprises with better payments,” he said in the release.
By acquiring Icefire, Checkout.com is looking to accelerate development of key products and features using Icefire’s expertise, the release stated. The acquisition will also allow merchants to scale more easily in global markets.
Checkout.com’s services help global enterprises reach better performing payments to drive more revenue and enhance customer experiences. The release noted that Checkout.com has seen a boost in demand for its services since the pandemic started as more companies turn to digital commerce. Transaction volume has tripled in the past year.
Meanwhile, Icefire, which is based in Tallinn, has experience developing financial services and has worked with companies like Skype, Swedbank and the Republic of Estonia’s Tax & Customs Board, along with supporting the development of Estonia’s COVID-19 app HOIA.
In January, Checkout.com closed a Series C round for $450 million, PYMNTS reported. That shot the company’s valuation up to $15 billion, following a separate $150 million round from last year.
The January funding helped make Checkout.com the fourth-largest FinTech in the world and the most valuable business backed by venture across the Europe, the Middle East, and Africa (EMEA) region.
Checkout.com was formed in 2012 and has office in New York City and San Francisco. The company plans to open an office in Denver and hire a combined 700 people across all its locations.