Conference Call Replay | Payments: Apres Square + Afterpay - A Fresh Look at the M&A Chessboard
August 25, 2021 8:00 AM PD / 11:00 AM ET
Three weeks ago, Square announced its intent to acquire BNPL darling Afterpay in an all-stock deal valued at $29 B. The Afterpay deal is the largest acquisition Square has made by nearly two orders of magnitude, representing ~25% of Square’s market cap, and dwarfing Square’s acquisitions of Weebly ($365 M) and Tidal ($300 M) which – until Afterpay – had been the company’s largest purchases.
In addition to assessing the impact of the deal on Square, Payments investors have been absorbed with the follow-on questions: What does the Square-Afterpay deal mean for the rest of the Payments ecosystem? And, therefore, what is likely to happen next?
We believe that – despite Square’s relatively small size – the Square+Afterpay deal has significant implications for the broader Payments ecosystem, and, as a result, is likely to trigger a ‘domino effect’ of further M&A.
In a clients-only conference call we discussed our perspective on potential follow-on M&A in the Payments sector.
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Zane Chrane, Top-Ranked Software and Crypto Technology Analyst, Joins MoffettNathanson LLC
NEW YORK, July 13, 2021 /PRNewswire/ -- MoffettNathanson LLC announced today that Zane Chrane has joined the firm as a Senior Research Analyst covering the Software and Crypto Technology sectors. He will be paired with MoffettNathanson Partner and Senior Analyst Lisa Ellis, leader of the firm’s Payments, Processors, and IT Services vertical, which will be renamed Fintech, Software, and Services following Chrane’s coverage initiation.
Chrane was most recently a Senior Research Analyst at Sanford C. Bernstein & Co, where he was recognized by Institutional Investor as a “Rising Star” in their Investor poll. While at Bernstein, Chrane was a highly ranked SMID-Cap Software analyst covering high-growth, disruptive software companies including ServiceNow, Snowflake, and Zoom. [read more]