MONTREAL - Nuvei Corporation (NASDAQ:NVEI) (TSX:NVEI), a Canadian fintech company, has announced a partnership with BigCommerce (NASDAQ:BIGC), an open SaaS and ecommerce platform. The collaboration, which extends across North America, Europe, and APAC, provides BigCommerce customers with access to Nuvei's comprehensive suite of omnichannel payment solutions, including the Nuvei for Platforms solution.
The partnership aims to bridge the gap between online and in-store experiences, offering a single payment processing partner. Nuvei's solution offers features such as payment acceptance, pre-authorization, refund management, and multi-currency support. It also includes advanced 3DS2 technology, stored card processing, and embedded checkout integration. BigCommerce brands and retailers will benefit from bank-agnostic fast settlements, diverse payment methods, centralized payment management, and same-day or next-day funding.
Philip Fayer, Chair and CEO of Nuvei, expressed enthusiasm for the partnership, stating it aligns with their mission to connect businesses to customers through tailored payment solutions. Shannon Ingrey, Vice President and General Manager, APAC, at BigCommerce, highlighted the partnership as a commitment to providing customers with top-tier technologies and services.
Nuvei for Platforms is designed to accelerate business growth and drive revenue by embedding enterprise-grade payments technology into platforms, making high-performance payment solutions accessible to businesses of all sizes.
This move is part of Nuvei's efforts to expand its global reach in the ecommerce SaaS market. BigCommerce serves a wide range of brands and retailers across 150 countries, offering sophisticated functionality and customization.
The information in this article is based on a press release statement.
In other recent news, BigCommerce has experienced notable changes in its leadership team, with Travis Hess (NYSE:HES) taking over as CEO following Brent Bellm's departure. This shift was accompanied by the company reporting an 8% year-over-year increase in earnings for the second quarter of 2024, with revenues nearing $82 million and an adjusted EBITDA of $3 million. Q3 revenue is projected to be between $82 million and $84 million, with full-year revenue expectations ranging from $330.2 million to $335.2 million.
In response to these developments, Stifel adjusted its price target on BigCommerce shares, lowering it to $8.00 but maintained a Buy rating. Needham, Barclays, Oppenheimer, and KeyBanc held their respective ratings, acknowledging BigCommerce's potential for growth despite recent challenges.
BigCommerce also announced the appointment of three new executives, Doug Hollinger, John Huntington, and Ryan Means, aimed at reinforcing the company's go-to-market strategy, global partnerships, and services. These recent developments reflect BigCommerce's commitment to maintaining its status in the ecommerce platform space and driving growth for customers and partners.
InvestingPro Insights
To provide additional context to BigCommerce's partnership with Nuvei, let's examine some key financial metrics and insights from InvestingPro.
BigCommerce (NASDAQ:BIGC) currently has a market capitalization of $445.52 million, reflecting its position in the competitive e-commerce platform space. The company's revenue for the last twelve months as of Q2 2023 stood at $324.38 million, with a growth rate of 11.08%. This growth, while positive, suggests that partnerships like the one with Nuvei could be crucial for expanding BigCommerce's market reach and service offerings.
One of the standout InvestingPro Tips for BigCommerce is its impressive gross profit margins. Indeed, the data shows a gross profit margin of 76.49% for the last twelve months as of Q2 2023, indicating strong pricing power and efficient cost management in its core business. This high margin could provide BigCommerce with the financial flexibility to invest in partnerships and platform enhancements.
Another relevant InvestingPro Tip notes that BigCommerce's liquid assets exceed its short-term obligations. This healthy liquidity position could be advantageous as the company rolls out new integrations and expands its services through partnerships like the one with Nuvei.
It's worth noting that BigCommerce's stock price has fallen significantly over the last three months, with a three-month price total return of -28.38%. This decline might reflect broader market conditions or specific challenges facing the company, potentially making strategic partnerships even more critical for future growth.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 5 more InvestingPro Tips available for BigCommerce, which could provide valuable perspective on the company's financial health and market position.
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