Paysafe chooses Jacksonville for North American Headquarters

[Zac T]

Another fintech company coming to Jax and is evaluating multiple sites including Downtown

Jacksonville has beat out Atlanta and other U.S. cities to get the North American headquarters of Paysafe Ltd., a London firm that does online payment processing across the globe.

The move will bring 600 jobs to the Jacksonville area, with the company close to leasing office space.

...

The company is in conversations with a few potential sites for the office — Lowthers said "yes" when asked if he was looking at downtown or the area around the St. Johns Town Center — with a decision expected in the next few weeks.

https://www.bizjournals.com/jacksonville/news/2022/11/14/paysafe-jacksonville-hq.html

[Charles Hunter]

Would up to 600 jobs fit in Shad's new office building?

[marcuscnelson]

Nice to get the jobs. $10 million in incentives isn't terrible.

^ No, I don't think Shad's building will fit much more than his own ventures, between the Jags front office and AEW and Iguana it'll be full enough.

Worth noting that Bill Foley and Fidelity/FIS/Black Knight/D&B are pretty tied up with this, so I"d be surprised if this didn't end up in the vicinity of those. Either in Brooklyn or the Town Center building D&B is in.

[Captain Zissou]

Would up to 600 jobs fit in Shad's new office building?

No.  Only about 40,000 sqft of space is not taken.  You could fit 150-200 people max in that space.

[Charles Hunter]

Thanks. I guess it is good news that Shad's building is getting full.

Based on the 40K sqft = 150 -200 people, they will need 120,000 to 160,000 square feet?

[jaxlongtimer]

Paysafe is a payments company which is what I thought FIS is.  So, seems a little funny that Foley is directly or indirectly connected to both companies.  I wonder if one day FIS comes around and buys out Paysafe to consolidate interests.  That thought could also be in the back of someone's mind in locating Paysafe in Jax for now.

[JPalmer]

Paysafe is a payments company which is what I thought FIS is.  So, seems a little funny that Foley is directly or indirectly connected to both companies.  I wonder if one day FIS comes around and buys out Paysafe to consolidate interests.  That thought could also be in the back of someone's mind in locating Paysafe in Jax for now.

Bill Foley probably owns some FIS stock, but he isn't even on the board.  This is definitely direct competition with several former FIS executives in management and the board.

[jaxjags]

Paysafe is a payments company which is what I thought FIS is.  So, seems a little funny that Foley is directly or indirectly connected to both companies.  I wonder if one day FIS comes around and buys out Paysafe to consolidate interests.  That thought could also be in the back of someone's mind in locating Paysafe in Jax for now.

This is a definitely yes and a consolidation will come someday. If you read the article in Dailey Record last week, FIS returns were lower and the plans costs cutting. It also says that FIS is way behind on services outside NA. Perfect opportunity to grow in Europe. And with all the management interconnections with FIS Black Knight and Brad and Dunstreet in Jax, it makes sense.

[jaxlongtimer]

Paysafe is a payments company which is what I thought FIS is.  So, seems a little funny that Foley is directly or indirectly connected to both companies.  I wonder if one day FIS comes around and buys out Paysafe to consolidate interests.  That thought could also be in the back of someone's mind in locating Paysafe in Jax for now.

Bill Foley probably owns some FIS stock, but he isn't even on the board.  This is definitely direct competition with several former FIS executives in management and the board.

Let me connect some more dots for you...

Anthony Jabbour is CEO of D & B and Black Knight (another Foley interest) and sits on Paysafe's board.  Bill Foley is chairman of the board of D & B.  I think it reasonable to suspect that they discussed this at some point and that Foley provided feedback/advice to Jabbour and/or others involved  .  Foley buys/sells/trades companies all the time so you can be sure he is keeping an eye on this.

Conversations between Jacksonville economic development officials and Paysafe took place during the economic development trip done in conjunction with the Jacksonville Jaguars' London game. They were aided by having Anthony Jabbour — the CEO of Dun & Bradstreet, who calls Jacksonville home — on Paysafe's board.

https://www.bizjournals.com/jacksonville/news/2022/11/14/paysafe-jacksonville-hq.html

[Captain Zissou]

Another of Foley's companies, Cannae holdings, does business with all of the affiliated companies.  I'm sure Foley still owns millions in FIS stock and was on the board as recently as 5 years ago.  I doubt that much happens at these companies without his knowledge/blessing.

[JPalmer]

Paysafe is a payments company which is what I thought FIS is.  So, seems a little funny that Foley is directly or indirectly connected to both companies.  I wonder if one day FIS comes around and buys out Paysafe to consolidate interests.  That thought could also be in the back of someone's mind in locating Paysafe in Jax for now.

Bill Foley probably owns some FIS stock, but he isn't even on the board.  This is definitely direct competition with several former FIS executives in management and the board.

Let me connect some more dots for you...

Anthony Jabbour is CEO of D & B and Black Knight (another Foley interest) and sits on Paysafe's board.  Bill Foley is chairman of the board of D & B.  I think it reasonable to suspect that they discussed this at some point and that Foley provided feedback/advice to Jabbour and/or others involved  .  Foley buys/sells/trades companies all the time so you can be sure he is keeping an eye on this.

Conversations between Jacksonville economic development officials and Paysafe took place during the economic development trip done in conjunction with the Jacksonville Jaguars' London game. They were aided by having Anthony Jabbour — the CEO of Dun & Bradstreet, who calls Jacksonville home — on Paysafe's board.

https://www.bizjournals.com/jacksonville/news/2022/11/14/paysafe-jacksonville-hq.html

I worked at FIS for years, I don't need the dots connected.

[jaxlongtimer]

^ I don't track your work history and can only go by what you post.  That aside, others may not know the interconnected web of Foley's interests so info you knew but omitted brings context to my take for many.

[Ken_FSU]

The city is giving a rather unusual $10 million cash payment to Paysafe for coming to Jacksonville that will necessitate the creation of a new category of grant.

Any conjecture on whether Paysafe would have come regardless considering the connections discussed above?

Seems to be an emerging trend in the last two years or so where, instead of just handing out things like REV grants, we're handing out more multi-million dollar cash grants and completion grants.

[thelakelander]

The Jacksonville City Council is expected to introduce legislation Nov. 22 that would award $10.1 million in cash grants to online payment provider Paysafe Ltd. to bring its North American headquarters and 600 jobs to Northeast Florida.

The bill, filed Nov. 16 by Mayor Lenny Curry's administration, includes an exhibit estimating the city's incentives package for London-based Paysafe's $51.5 project would have a negative return for taxpayers.

Full article: https://www.jaxdailyrecord.com/article/city-council-to-introduce-dollar10-1-million-incentives-package-for-paysafe-headquarters

[marcuscnelson]

60 cents on the dollar isn't great, although I wonder if this accounts for the economic benefit of 600 high-salary employees being in town and spending money here.