announces $7.5m purchase of, the freelance jobs and crowdsourcing marketplace, has announced today that it has agreed to purchase from a private investor for $7.5m.

The acquisition is being funded by A$10m (about $7.8m) placement of shares to institutional investors. is a company that provides secure payment and online transaction services by holding payment as a trusted third party until successful completion of the transaction. will retain the current staff, who will continue to work at the company’s Californian headquarters.

We are excited to be joining the group. Freelancer’s expertise in marketplaces, combined with our expertise in secure online payments are an excellent strategic fit,” said president & managing director Brandon Abbey. already has experience with escrow providers. The firm owns Milestone Payments, a system intended to protect payments from employers. It provides a safer way of carrying out payment transactions by allowing Freelance to hold on to payment from employer until completion of services.

Escrow claims to have been responsible for $2.2 billion of secure transactions and$265m gross payment volume for the 2014 fiscal year.

To fund the acquisition, Freelancer issued 10 million ordinary shares at A$1.00 with the settlement of the placement being scheduled on 30 April, 2015.

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. Finally, it is a strong cornerstone for entering the payments space,” stated chief executive Matt Barrie.



Related reading

Leave a comment