Block, Inc. Completes Acquisition of Afterpay
31 Gennaio 2022 - 11:23PM
Business Wire
In conjunction with the acquisition, Block has
appointed former Afterpay Director Sharon Rothstein to serve as a
member of its Board of Directors
Block, Inc. (NYSE: SQ) and Afterpay Limited today announced the
successful completion of the Scheme of Arrangement under which
Block has acquired all of the issued shares in Afterpay. This
transaction aims to enable Block to better deliver compelling
financial products and services that expand access to more
consumers and help drive incremental revenue for sellers of all
sizes.
“We’re excited to welcome the Afterpay team to Block and are
eager to get to work,” said Jack Dorsey, Block co-founder and CEO.
“Together, we’ll deliver even better products and services for
sellers and consumers while staying true to our shared purpose of
making the financial system more fair and accessible to
everyone.”
The acquisition furthers Block’s strategic priorities for its
existing Square and Cash App ecosystems. Together, Square and
Afterpay intend to enable sellers of all sizes to offer 'buy now,
pay later' (BNPL) at checkout, give Afterpay consumers the ability
to manage their installment payments directly in Cash App, and give
Cash App customers the ability to discover sellers and BNPL offers
directly within the app.
Today, Square also launched its first integration with Afterpay,
providing Afterpay’s BNPL functionality to sellers in the United
States and Australia that use Square Online for e-commerce. This
new omnichannel commerce tool can help sellers attract new shoppers
and drive incremental revenue from day one. For more information on
this announcement, read the press release here.
Afterpay co-founders and co-CEOs Nick Molnar and Anthony Eisen
have joined Block and will help lead Afterpay’s respective seller
and consumer businesses, as part of Block’s Square and Cash App
ecosystems.
Block has also appointed Sharon Rothstein, a former Afterpay
Director and Operating Partner at growth equity firm Stripes, to
serve as a member of its Board of Directors. Prior to joining
Stripes, Ms. Rothstein held several senior marketing and brand
management positions with leading global brands including Sephora,
Starwood Hotels and Resorts, and Procter & Gamble before
serving on the executive team as Global Chief Marketing Officer and
Global Chief Product Officer at Starbucks Corporation.
“I’ve long admired Block’s purpose to make the financial system
more accessible and inclusive. I’m honored and excited to bring my
global experiences to the diverse expertise of this Board,” said
Ms. Rothstein.
“We’re excited to welcome Sharon to our Board. Sharon’s
expertise in marketing and global operations make her a great fit
for Block as we move into this next growth phase with Afterpay,”
said Mr. Dorsey. “We’d also like to thank all of the members of the
Afterpay Board for their contributions to the business and the
transaction.”
Block will release financial results for the fourth quarter and
full year 2021 on February 24, 2022, after the market closes.
About Block
Block (NYSE: SQ) is a global technology company with a focus on
financial services. Made up of Square, Cash App, Spiral, TIDAL, and
TBD54566975, we build tools to help more people access the economy.
Square helps sellers run and grow their businesses with its
integrated ecosystem of commerce solutions, business software, and
banking services. With Cash App, anyone can easily send, spend, or
invest their money in stocks or Bitcoin. Spiral (formerly Square
Crypto) builds and funds free, open-source Bitcoin projects.
Artists use TIDAL to help them succeed as entrepreneurs and connect
more deeply with fans. TBD54566975 is building an open developer
platform to make it easier to access Bitcoin and other blockchain
technologies without having to go through an institution.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding the future performance of
Block, Inc. (the “Company”) and Afterpay; the perceived synergies
and other benefits of the acquisition; the ability of the
acquisition to accelerate growth and to strengthen the integration
between the Company’s Square and Cash App ecosystems; and
expectations around the financial impact of the transaction on
Company’s financials; the Company’s expectations regarding scale,
economics and the demand for or benefits from its current and
future products, product features and services. Such statements are
subject to a number of known and unknown risks, uncertainties,
assumptions, and other factors that may cause the Company’s actual
results, performance, or achievements to differ materially from
results expressed or implied in this press release, and reported
results should not be considered as an indication of future
performance. Investors are cautioned not to place undue reliance on
these statements.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, the proposed
transaction may not advance the Company’s business strategies; the
ability of the company to retain the merchants of Afterpay; the
ability to realize the expected benefits from the transaction in
the expected time period, or at all; disruptions from the
integration of Afterpay on ongoing operations; the Company’s
ability to integrate Afterpay’s products into its ecosystems; and
unknown, underestimated, or undisclosed commitments or liabilities,
as well as other risks listed or described from time to time in the
Company’s filings with the Securities and Exchange Commission
(“SEC”), including the most recently filed Quarterly Report on Form
10-Q and the Company’s Proxy Statement filed on October 5, 2021
which are on file with the SEC and available on the investor
relations page of the Company’s website. All forward-looking
statements are based on information and estimates available to the
Company at the time of this press release and are not guarantees of
future performance. Except as required by law, the Company assumes
no obligation to update any of the statements in this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220131005811/en/
Media Contact: press@block.xyz Investor Relations
Contact: ir@block.xyz
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