Paysafe to sell direct marketing payment processing business

Paysafe (PSFE) has entered into a definitive agreement to sell substantially all assets related to its direct marketing payment processing business line, Paysafe Direct, to KORT Payments, a specialized omnichannel payments provider, led by Joel Leonoff, founder and former CEO of Paysafe. The business primarily consists of direct marketing and other card-not-present volume in both complex and traditional industry verticals. The transaction includes reseller and merchant contracts, as well as dedicated technology and employees related to the business. The consideration for this transaction largely consists of annual earnout payments over the next five years. The transaction is expected to close in 30 days subject to finalizing certain transition services-related items.