Web hosting company GoDaddy has completed its previously announced acquisition of payments processing company Poynt in a deal worth about $345 million.

GoDaddy said that the acquisition will expand its commerce services to help in the growth of small businesses, both online and offline, through a single platform.

The deal was signed in December 2020. As per the terms, GoDaddy agreed to pay $320 million at the time of closing and deferred cash payments of $45 million based on the meeting of certain performance and employment conditions over a period of three years.

Commenting on GoDaddy acquisition of Poynt, Aman Bhutani – GoDaddy CEO said: “GoDaddy exists to empower everyday entrepreneurs and we’re committed to helping their ventures succeed by delivering seamlessly intuitive commerce experiences that enable them to sell everywhere, from e-commerce to physical stores.

“Poynt delivers amazing experiences in payments, invoicing and point-of-sale that strengthen our commerce offerings and will bring significant value to our customers. I want to welcome Osama and the entire Poynt team to the GoDaddy family.”

Poynt’s CEO Osama Bedier will lead the new commerce division of GoDaddy and will report to Aman Bhutani.

  Aman Bhutani, Fintech industry news, GoDaddy, Osama Bedier, Poynt, USA