Continuing with its impressive expansion, the Sydney-based freelancing marketplace known as Freelancer has agreed to acquire Escrow for $7.5 million. As the name implies, California-based Escrow is provides internet escrow services for e-commerce and online auction services such as AutoTrader and eBay.
Freelancer has entered into a definitive agreement to acquire online escrow service provider Escrow.com for $7.5 million. The Australian-listed online freelancing marketplace operator told shareholders in a statement (PDF) on Monday that the acquisition of the California-based Escrow.com would help enable it to position itself in the online payments sector. “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,” said Freelancer CEO and chairman Matt Barrie. “Finally, it is a strong cornerstone for entering the payments space.” Escrow.com acts as third-party platform that collects, holds, and disburses funds according to online buyer and seller instructions. It claims eBay, GoDaddy, AutoTrader.com, and Flippa.com among its partners, and is a strategic partner of the United States’ Commercial Service.
