Freelancer.com announces the acquisition of Escrow.com
Freelancer.com, the world's largest freelancing and crowdsourcing marketplace, today announced that it had entered into a definitive agreement to acquire Escrow.com.
Freelancer.com and Escrow.com's expertise in marketplaces and secure online payments an excellent strategic fit
SYDNEY, Australia April 27, 2015
Freelancer.com, the world's largest freelancing and crowdsourcing marketplace, today announced that it had entered into a definitive agreement to acquire Escrow.com.
Headquartered in San Francisco, CA, Escrow.com provides online escrow services that facilitate and accelerate ecommerce by assuring secure settlement. Founded in 1999 by Fidelity National Financial, Escrow.com has been a privately held company that pioneered online escrow services. It is the leading provider of secure business and consumer transaction management on the Internet, with over $2.2 billion in transactions to date.
Escrow.com reduces the risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. Escrow services provided by the company are licensed and regulated.
Freelancer.com Chief Executive Matt Barrie said, "We are pleased to acquire Escrow.com, the world's largest online escrow company. This highly complementary acquisition will enhance the ability of our 15 million users to transact securely, and is a strong cornerstone for entering the payments space".
Escrow.com President & Managing Director Brandon Abbey said, "We are excited to be joining the Freelancer.com group. Freelancer's expertise in marketplaces, combined with our expertise in secure online payments are an excellent strategic fit."
The Escrow.com group staff will be continuing with the company and it will remain a California based business.
The transaction is expected to reach financial close in Q2 2015, subject to regulatory approvals.