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Shift4 Payments, Inc. is a leading independent provider of software and payment processing solutions in the United States. The company offers a comprehensive payments platform that supports various channels, including in-store, online, mobile, and tablet-based transactions, catering to industries such as food and beverage, hospitality, gaming, specialty retail, non-profits, and eCommerce. Shift4 sells integrated payment products and services, including end-to-end payment processing, software integrations, and point-of-sale solutions.
- Payments-based Revenue - Provides payment processing services and gateway services, driven by a percentage of end-to-end payment volume, including fixed fees, minimum monthly usage fees, and transaction-based fees.
- Subscription and Other Revenues - Offers software as a service (SaaS) for point-of-sale systems and terminals, along with revenue from software license sales, hardware sales, third-party residuals, and technology support fees.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jared Isaacman ExecutiveBoard | CEO and Chairman of the Board | Founder of Draken International; Polaris Dawn Mission Commander | Founder of Shift4 Payments in 1999, recognized for entrepreneurial achievements, and involved in space exploration missions. | View Report → |
James J. Whalen Executive | Chief Accounting Officer (CAO) and Principal Accounting Officer | None | Joined Shift4 Payments in August 2023, previously held finance and accounting roles at Commvault Systems and Deloitte. | |
Jordan Frankel Executive | Secretary, General Counsel, and Executive Vice President, Legal, Risk, and Compliance | None | Oversees legal, risk, and compliance functions at Shift4 since 2014, with a background in finance and law. | |
Nancy Disman Executive | Chief Financial Officer (CFO) | Member of the Audit Committee of West Technology Group LLC; Board Member of Intrado Foundation, Various Subsidiaries of Intrado Corporation, and iCIMS, Inc. | Extensive experience in financial leadership roles, previously CFO and CAO at Intrado Corporation and TSYS. | |
Taylor Lauber Executive | President and Chief Strategy Officer | None | Responsible for overseeing growth, product development, and strategic partnerships at Shift4, joined in 2018. | |
Christopher Cruz Board | Board Member | Partner at Searchlight Capital Partners; Board Member at Neon NewCo Corp., Flowbird Group, and Sightline Payments | Partner at Searchlight Capital Partners, serving on multiple boards, with a focus on investment management. | |
Jonathan Halkyard Board | Board Member | CFO of MGM Resorts International; Board Member at Dave & Buster’s Entertainment, Inc. and MGM China Holdings Limited | CFO of MGM Resorts International, with extensive experience in financial leadership and board roles in the hospitality industry. | |
Karen Roter Davis Board | Board Member | Managing Partner at Entrada Ventures; Board Member at 360Learning S.A.; Member of Lawrence Livermore National Laboratory’s Carbon Impact Initiative Committee | Extensive experience in technology and leadership roles, previously at Alphabet (Google) and involved in venture capital. | |
Sam Bakhshandehpour Board | Board Member | President and Board Member of José Andrés Group; CEO & Managing Partner of Silverstone; Advisory Board Member of Fiserv, Inc. | Board member since October 2022, with leadership roles in hospitality and investment firms. | |
Sarah Goldsmith-Grover Board | Board Member | Board Member at ChowNow; Communications Director for the Polaris Program; Consulting Practice | Marketing and leadership experience in the restaurant and consumer industries, with a focus on strategic counsel and interim CMO roles. |
- In light of the recent softening in consumer spending, particularly in the restaurant vertical, how do you plan to mitigate the impact on transaction volumes and sustain growth momentum amidst potential further macroeconomic headwinds?
- Your aggressive M&A strategy has increased operational complexity; how are you ensuring successful integration of recent acquisitions like Revel, Vectron, and Givex to realize the expected synergies within the projected 12 to 18 months?
- Given that you fell short of your goal to onboard 10,000 international hotel and restaurant merchants in 2024, what specific challenges did you encounter in your international card-present expansion, and how are you adjusting your strategy to meet your international growth objectives?
- With over $100 billion of annualized volume still remaining in your gateway conversion funnel, what are the main obstacles preventing faster conversion, and how do you plan to accelerate this process to fully capitalize on this opportunity?
- As you aim to grow your presence in the global e-commerce market against established competitors, how do you plan to differentiate your offerings to attract blue-chip customers and become a strong third choice for global e-commerce merchants?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Global Blue | 2025 | Shift4 will acquire Global Blue for $7.50 per common share in cash in a deal valued at approximately $2.5 billion, financed with cash on hand and a $1.8 billion short‐term bridge loan. This acquisition enhances Shift4’s position in tax refunds, dynamic currency conversion, and luxury retail payments—with an expected $80 million in revenue synergies by 2027 and a regulatory requirement to tender at least 90% of Global Blue’s shares. |
Givex Corp. | 2024 | Completed on November 8, 2024, the Givex acquisition was executed for approximately $146 million in cash, expanding Shift4’s global gift card, loyalty, and POS solutions. The deal provides a $300 billion payment volume cross‐sell opportunity by broadening the customer base and geographic footprint. |
Vectron Systems AG | 2024 | Acquired on June 14, 2024, the transaction involved a purchase consideration of about $66.1 million (net of cash) with additional contingent consideration, giving Shift4 access to local product expertise and a well-established European distribution network in the restaurant and hospitality sectors. |
Revel Systems, Inc. | 2024 | Completed on June 13, 2024, the Revel Systems acquisition involved a $255.3 million cash deal that added a cloud-based POS system for multi-location restaurants and retail. This strategic move is aimed at leveraging cross-sell opportunities—especially via SkyTab—and reducing customer acquisition costs. |
Finaro (Credorax, Inc.) | 2023 | Finalized on October 26, 2023, the acquisition combined $200 million in cash, $287.6 million in Class A common stock, and up to $50 million in performance-based earnout, plus $25 million in employee incentives. This deal expands Shift4’s cross-border eCommerce payments and European footprint, with rebranding to Shift4 and lock-up provisions on issued shares. |
Focus POS Systems | 2023 | Completed on April 3, 2023, the Focus POS acquisition was valued at $45.2 million (comprising $36.0 million in cash and $10.2 million in stock) and adds restaurant POS software to Shift4’s portfolio. The integration provides access to over 10,000 restaurant clients, facilitating conversion to Shift4’s SkyTab POS system and shifting the revenue model towards payments and SaaS. |
A Restaurant Technology Partner | 2023 | Completed on January 20, 2023, this acquisition involved a purchase consideration of $1.5 million for 100% ownership, with an earnout capped at $2.5 million based on merchant conversion within 24 months. The deal is designed to onboard the partner’s customers to Shift4’s end-to-end payment solutions and enhance its distribution network. |
The Giving Block, Inc. | 2022 | Finalized on February 28, 2022, the acquisition was valued at $106.9 million (a mix of cash, stock, RSUs, and contingent consideration), positioning Shift4 in the cryptocurrency donation marketplace. This strategic move aims to accelerate growth in the non-profit sector and unlock significant cross-sell opportunities. |
Recent press releases and 8-K filings for FOUR.
- The conference call at Barclays Payments Conference featured senior executives outlining a strategy to maintain the company’s core success model while aggressively pursuing international expansion and diversified verticals.
- The CFO detailed a financing approach using mandatory convertible preferred shares and euro-denominated debt to support the pending Global Blue acquisition and strengthen the balance sheet.
- Executives noted that the final regulatory hurdle—a Bank of Italy approval—is expected in early Q3, marking a key milestone for completing the Global Blue deal and enhancing global capabilities.
- Shift4 Payments closed an offering of $680 million of 5.500% senior notes due 2033 (Euro Notes) along with a tack-on offering of $550 million of 6.750% senior notes due 2032, executed through its subsidiaries.
- Proceeds are intended for funding the acquisition of Global Blue Group Holding AG, redeeming a portion of its 4.625% senior notes due 2026, and for general corporate purposes.
- Shift4 Payments, Inc. announced the pricing of a private offering of $680 million in 5.500% Senior Notes due 2033 and $550 million in 6.750% Senior Notes due 2032, with the Euro Notes priced at par and the New 2032 Notes at an issue price of 100.50%.
- The offering, executed by its subsidiaries, is intended to fund acquisition-related payments, redemption of existing debt, and other strategic corporate purposes.
- The offering is expected to close on May 16, 2025, subject to customary conditions.
- Board adoption and designation: The Company’s board has designated a new series, the 6.00% Series A Mandatory Convertible Preferred Stock, with up to 10,000,000 authorized shares per its certificate of designations.
- Offering details: The offering consists of 8,750,000 shares at $100.00 per share with an option for an additional 1,250,000 shares, establishing the pricing and underwriting terms.
- Dividend and conversion features: The preferred stock will accumulate cumulative dividends at a 6.00% annual rate and convert into Class A Common Stock on or about May 1, 2028, with provisions for early conversion under certain conditions.
- Use of proceeds and strategic implications: Proceeds of approximately $853.13 million (up to $975.00 million if the over-allotment is exercised) are expected to support corporate purposes, including funding related to the pending Global Blue acquisition and additional debt financing activities.
- Achieved record payment volumes of $45.0B (35% YoY), with gross revenue less network fees of $369M and adjusted EBITDA of ~$169M at 46% margins (, ).
- Entered into a merger with Global Blue via its new Swiss subsidiary, GT Holding 1 GmbH, with unaudited pro forma financials as of March 31, 2025 (, , ) and an expected $80M in revenue synergies by 2027 (, , ).
- Launched a public offering of 7,500,000 shares of Series A Mandatory Convertible Preferred Stock with a 30-day option for an additional 1,125,000 shares, to support acquisition-related needs and strategic initiatives ().
- Total purchase consideration of $2,650.7M, including $750.0M in mandatory convertible preferred stock and up to $1,735.0M in proposed permanent debt financing (, ).
- Raised full-year outlook to gross revenue less network fees of $1.66B–$1.73B and adjusted EBITDA of $840M–$865M; Q2 revenue expected at $405–$415M at ~50% margins (, ).
- Reported adjusted net income of $98.6M and net income of $19.5M, alongside share repurchases of approximately 686K shares for $63M in Q1 and 1.1M shares for $85M in April (, ).
- Shift4 Payments marked a major strategic moment with the announcement of its $2.5 billion acquisition of Global Blue, set to enhance its international and e-commerce capabilities while driving cross-selling opportunities across its core verticals.
- The company also emphasized its ongoing transformation, which includes a CEO transition from its 26-year founder and expanded product offerings in restaurants, hotels, and stadiums, aimed at reinforcing its competitive position and operational efficiency.
- Highlighting rapid international growth, Shift4 noted a significant increase in restaurant signups outside the U.S.—from 7% to 32% in a short period—and the extension of its payment solutions into over 30 countries.
- Shift4 has led a strategic funding round in Lunchbox, positioning the technology provider as the enterprise partner for its SkyTab POS system.
- James Walker has been appointed as the new CEO of Lunchbox, bringing over 30 years of industry experience to drive the company's next phase of growth.
- Lunchbox reports record growth, with a 340% increase in average deal size and 300% growth in product adoption since 2022, underscoring its strengthened market presence.