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  "documentTitle": "Nuvei Corp (NVEI)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "Uses a simple additive equation visual (A + B = C) to compare pre-acquisition headcount to post-acquisition headcount.",
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      "text": "SafeCharge had approximately 400 employees, which the majority in R&D and technology. SafeCharge's CEO made a public statement assuring its development works had no cause for concern since Nuvei was very interested in its technology. Pivotal Payments had approximately 450 employees. On a go forward basis, Nuvei reported 800+ employees. Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor.",
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      "text": "Nuvei didn't disclose any material restructuring charges that would lead us to believe it cut significant labor.",
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      "kind": "diagram",
      "text": "SafeCharge's 2018 Employees Pre-Acquisition + Pivotal Payments March 2019 Employees Pre-Acquisition = Nuvei Combined Mid 2020",
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      "text": "800+ Employees",
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      "kind": "paragraph",
      "text": "Our employees are at the heart of the Group's success... The Group ended the period with 390 employees (2017: 360) with approximately 54% in R&D and technology...",
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      "kind": "paragraph",
      "text": "Philip Fayer, Chairman and Chief Executive Officer... Mr. Fayer founded Pivotal Payments in 2003... has 450 employees and processes over US$15 billion in annual transaction volume.",
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      "text": "Avgi finds it important to stress that the development workers have no cause for concern. \"In deals like this the workers are sometimes a little anxious. I wish to make it very clear: one of the reasons for the deal is the technology, and so the development workers in Israel and Bulgaria should be confident that we shall continue to grow and develop new products.\"",
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      "text": "\"Avgi finds it important to stress that the development workers have no cause for concern. \"In deals like this the workers are sometimes a little anxious. I wish to make it very clear: one of the reasons for the deal is the technology, and so the development workers in Israel and Bulgaria should be confident that we shall continue to grow and develop new products.\"\" — SafeCharge CEO (Source: \"Safecharge was my baby\", Globes Israel, May 23, 2019)",
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      "kind": "source-note",
      "text": "Source: \"Safecharge was my baby\", Globes Israel, May 23, 2019; SafeCharge 2018 Annual Report; Wayback Machine (March 2019); Wayback Machine (May 2020)",
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      "text": "Nuvei Didn't Appear To Cut Significant Labor Costs To Explain Material Increase In Margins",
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