Home Run for Matt Bullock and Eway – sells to USA giant for $50m
When Canberra’s Matt Bullock started Eway 18 years ago, he had $50,000 to his name. On Friday, he sold it to American payment technology services giant Global Payments for $US50 million (a company with 4000 staff and an$8b cap )
Eway now processes 5.8 billion online purchases last year or about a quarter of all internet transactions in Australia with his team if 80 staff.
Global Payments chief executive Jeffrey Sloane said that the new partnership will create the leading payment technology company in Asia-Pacific with nearly 40,000 merchant customers in Australia and New Zealand.
What this shows is that you can do anything in a small town far away from the USA! distance is no longer a tyranny!
After selling stuff on Paypal, Matt soon discovered that there was a better way of assisting merchants to process online credit card payments.
Matt tells the story that whe he first started, he set up his phone to beep with each new customer and would feel joy from each alert. Eventually, they became so frequent that he had to turn his phone off for some peace and quiet!
Years later, his customers would include Canon, Qantas, Puma and Nissan.
“My personal secret is to never, ever, ever give up on anything,” he said.
“And you have to have a keen point of difference –if it’s the same as something else, who is going to buy it?”
Running eWAY was a constant challenge of making sure each month that more money came in than went out – and there was growth month on month.
Matt is But is excited about his next venture – centify.com, which is an app/website set to manage commissions easily, motivate staff and pay them fast.
“It’s turning work into a game,” he said.
“I’m trying to turn it into Farmville.”
Rolling from the success of one business to the birth of another is like mothers milk for Matt
“I work harder than anyone but I don’t consider it work, because I’m doing something that I love,” he said.
“I think it’s partly a disease to have that drive. I’ll never get rid of it.”
Source – CANBERRA times