Has Been Acquired by

Apr 26 2015

I just received an email for Brandon Abbey announcing the sale of to  Mr. Abbey put it best   “Earlier today announced the acquisition of, subject to regulatory approval.  Needless to say, this is very exciting for us to be joining the world’s largest freelancing, outsourcing and crowdsourcing marketplace and their 15 million users in 247 countries around the world.   The company will remain a California based business and we will continue to operate the business as usual and to exceed the high standards that you have come to expect from us”  Below is the press release announces the acquisition of and completion of capital raising

SYDNEY, April 27, 2015:, the world’s largest freelancing and crowdsourcing marketplace1, today announced that it had entered into a definitive agreement to acquire from a private investor for US$7.5 million in cash, and completed a AUD$10 million placement of ordinary shares to institutional investors.

Headquartered in California, provides online escrow services that facilitate and accelerate e-commerce by assuring secure settlement. It was founded in 1999 by Fidelity National Financial, a Fortune 500 company and the US’s largest provider of commercial and residential mortgage and diversified services. is the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet, with FY14 gross payment volume of US$265 million, net revenue of US$5 million, US$1.2 million in EBITDA and over US$2.2 billion in transactions to date. reduces the risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to buyer and seller instructions. Escrow services provided by the company are licensed and regulated. partners include eBay, GoDaddy,, and it is also a strategic partner of the U.S. Commercial Service (USCS) in support of President Obama’s National Export Initiative designed to significantly grow US export volume. Chief Executive Matt Barrie said, “We are pleased to acquire, the world’s largest online escrow company. This highly complementary acquisition will enhance the ability of our 15 million users to transact securely, and there are large opportunities for growth and synergies with core offerings. Finally, it is a strong cornerstone for entering the payments space”.

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    1. Post author


      And $10 Million AUD ($7.8 Million USD) in stock. So essentially $15 million. Sounds low to me but I have ZERO information on the financials of The price says a lot about and the value of the other escrow companies as well.

  1. Eric Borgos


    I could be wrong, but I don’t think the seller got any stock. The deal was $7.5 million cash. The “$10 Million AUD” was money raised by selling stock, and they then used this money to buy

  2. Richard

    As per above, it reads that Freelancer placed $10 of stock with institutional investors. Only relationship may be that the proceeds were used for the acquisition, although this isn’t stated.

  3. Chris

    Wow, was really surprised to see only $1.2 million in EBITDA??

    So net income for FY14 was likely under $1M? … I would have assumed was a much more profitable company given the total revenue figures.

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