Payoneer Global acquired the Singapore company Skuad for $61 million this week as the company’s relatively new CEO, John Caplan, continues to remake the company’s business-to-business strategy.

New York-based Payoneer paid cash for the acquisition and agreed to pay another $20 million, in cash and equity, if the newly acquired operation is able to satisfy certain performance goals, according to a Wednesday press release.

It’s the third acquisition that Caplan has made since taking over as CEO at the company in March of last year, succeeding Scott Galit, who had served previously in that post and as a co-CEO for a period.

In an interview Wednesday, Caplan said he has changed most of the management team since taking over his leadership role. He has also refocused Payoneer on meeting business-to-business customer demand for cross-border payment services, while continuing to serve its marketplace niche.

Payoneer in the past was “helping small business owners who sell on marketplaces get paid,” catering to Amazon sellers and Upwork freelancers, among others, Caplan said, estimating that the company has 20% share of that $300 billion market.

“The bigger opportunity, though, is the $6 trillion cross-border, B2B payments arena and I have moved the firm pretty aggressively into that space,” Caplan said.

In the process, Caplan has also refocused Payoneer on larger clients, he said. That means “more emphasis on those with at least $10,000 per month in volume,” a spokesperson for the company said.

The company’s sweet spot is still in providing cross-border payments services to small and mid-sized companies, typically those with fewer than 500 employees, in emerging countries. 

Payoneer provides services to two million customers in 190 countries, including China, Argentina and the Philippines, Caplan said.

With the acquisition of Skuad, Payoneer will now be able to offer those customers payroll and workforce management services as well. Payoneer has about 2,150 employees, and it will absorb all of Skuad’s 200 employees, the spokesperson said.

Caplan has set his sights on continuing to make acquisitions. “We will continue to buy businesses that accelerate our ability to serve our customers,” he said.

“We’re actively looking at additional acquisitions in the AP arena,” Caplan said, referring to the accounts payable sphere.

Meanwhile, Payoneer this week also reported second-quarter results. Second-quarter net income dropped by 29% to $32.4 million, relative to the year-earlier period, as revenue rose 15% to $173.7 million, the earnings release showed.

The company sold stock to the public as part of a special purpose acquisition offering in 2021.