NXT-ID Acquires Fit Pay to Develop IoT Platform

NXT-ID Acquires Fit Pay to Develop IoT Platform
24.05.2017 09:15 am

NXT-ID Acquires Fit Pay to Develop IoT Platform

M&A Deals

NXT-ID, Inc., a security technology company, and Fit Pay, Inc., a privately held provider of payment, credential management, and authentication platform services, today announced the completion of a transaction to combine their businesses and create a comprehensive Internet of Things (IoT) platform. 

"Combining NXT-ID's security and authentication technology with Fit Pay's comprehensive platform-as-a-service (PaaS) capabilities will enable us to significantly expand our offerings to include both hardware and IoT enablement services," said Gino Pereira, chief executive officer of NXT-ID. "This provides an important avenue to create new and compelling use cases for our existing products as well as access new potential customers for whom secure authentication and credential management are critical."

Under the terms of the agreement, Fit Pay, Inc. will be a wholly owned subsidiary of NXT-ID, and Fit Pay CEO, Michael Orlando, will become chief operating officer of NXT-ID and remain president of Fit Pay, Inc. The companies will combine their technology, engineering and business teams to deliver complete enablement services to device manufacturers and to bring innovative IoT devices to market.  

"Bringing powerful new capabilities to the Internet of Things requires seamlessly connecting devices to robust services, reliably authenticating users, and keeping data safe," said Orlando. "Security and authentication are the essential to the growth of the IoT market, combining our platform with NTX-ID's identification technology and hardware expertise positions us to offer transformational products and services that capture IoT market share." 

Fit Pay's white-label technology platform delivers payment, credential management, authentication and other secure services to the IoT ecosystem. Fit Pay has developed a highly secure payment network tokenization scheme and integrated with the major credit card networks to provide an all-in-one solution that allows manufacturers to add payment and authentication capabilities to IoT devices.

Related News

Gresham announces acquisition of Inforalgo to expand regulatory reporting capabilities

Gresham Technologies (Gresham), the leading fintech in reconciliations, banking integration and cash management solutions, has today announced the acquisition... Read more »

Nostra MSP acquires Brandon Global

Nostra, an independent, Irish owned and managed MSP company headquartered in Lucan, Co. Dublin has acquired Brandon Global IT for an... Read more »

Financial conglomerate SBI to acquire $30MM stake in digital asset firm B2C2

B2C2, the trading firm of choice in the institutional crypto markets, announced that SBI Financial Services (a subsidiary of SBI Holdings, "... Read more »

Rise in M&A predicted as retail banks navigate post-COVID crash, latest Kearney analysis reveals

Analysis from global consultancy partnership Kearney predicts a rise in mergers and... Read more »

MFS Africa Acquires Beyonic, Bringing Cross-Border Digital Payments to SMEs Throughout Africa and Beyond

Pan-African cross-border payments leader MFS Africa today announced that it has acquired ... Read more »

FIME expands testing & consultancy offering with the acquisition of CETECOM Payment activities in the U.S.

Payments testing and consultancy expert, ... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel