Freelancer acquires US escrow company

Company News

Freelancer Limited (ASX:FLN) has agreed to pay $9.5 million for Escrow.com. The California-based company provides online escrow services for secure e-commerce. 
 
Escrow.com counts eBay and Autotrader.com among its clients and is also a strategic partner of the US Commercial Service designed to grow US export volume. 
 
Freelancer.com CEO Matt Barrie says the acquisition has large opportunities for growth and synergies for the two companies. The Escrow.com staff will continue on in California. 
 
A capital raising of $10 million to fund the acquisition was oversubscribed and settlement of the placement is expected by the end of the month. 
 
Freelancer reported a net loss of $1.84 million for the 2014 calendar year.